Grain Report Thursday - 26th September
What price do you want for your grain?
Overnight moves in international markets and yesterday's actual traded prices across Australia are below to help you determine your price. If you need to change your offer price, simply edit it before market open.
Look Out!
Markets all up last night and the Aussie dollar softer.
Chicago wheat is getting close to USD $6 per bushel again.
In late August, it treaded down to USD $5.08 per bushel, so it’s up AUD $43 in one month.
Our basis is trading around the AUD $12 level, which is the forecast range, given our crop may struggle to make it to 30 million tonnes.
Not that the world market pays that much attention to our crop.
However, the market has started to pay attention to dry conditions in the Black Sea region with several reports out last night advising the sowing pace in Russia is the slowest in 11 years and approximately 1 million hectares behind the average pace.
The forecast in Rostov, one of the major winter wheat regions has had no rain for 2 months and the forecast remains dry.
Storm in a teacup or one to keep an eye on.
There are also concerns in Ukraine with less winter wheat being planted and now less canola seed being planted.
If it stays dry for another couple of weeks, then we should see Black Sea prices start to firm. I think this has to happen in any case as their exports cannot continue at 5 million tonnes per month. Only one way to slow exports; increase prices.
For further market commentary please contact the CGX team on 1800 000 410
CGX now own and operate the igrain market for grain stored on-farm
If you have any queries, we're always here to help!
Please give us a call or email if you have any questions.
Call 1800 000 410 or Email support@cgx.com.au
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