Grain Report Thursday - 7th November
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.
Wheat and soybeans were flat, corn up a bit and canola stronger, continuing choppy trade.
Markets have started to guess the impact of a Trump Presidency but no firm consensus, probably because Trump doesn’t really know himself. All the tariff stuff could be bluster aimed at getting concessions from China. Will he solve the Russia/Ukraine conflict and how?
Soybeans for example, might be hurt by a trade war with China, but soyoil would benefit because it would limit the import of used Chinese cooking oil in US biodiesel. Soybeans were sharply lower early as news of a Trump win filtered in but clawed back most of its losses by the end of the session.
Corn was up on record US ethanol production and continuing strong exports. USDA will most likely trim end stocks for both corn and soybeans on Friday night on less production outside the US and more usage but leave wheat unchanged.
Wheat remains stuck in a sideways pattern with markets waiting for export business to shift from Black Sea to EU countries. EU exporters - Bulgaria and Romania - have been prominent in recent tenders. European wheat futures were up a few bucks overnight but no real lead yet.
More rain is forecast for parts of the US wheatbelt that most need it, Black Sea forecast is fine and cold and it is rainy in Sth America.
Ukraine has finished planting winter crops. Still chasing an update on Russia but can probably expect something similar.
Canola was up again on strength in palm oil which bounced back to contract highs.
$A no fireworks, currently 65.8USc probably because a Trump win had already been priced in.
BOM a little less wet for NSW/Sth QLD, some rain for south coast WA. Very hot +40 degrees for QLD/Nth NSW. No impact.
ASX a bit more active, last trade at $335/t which is up a bit. Probably on lack of grower selling. Very little harvest pressure so far, because growers have concentrated on chickpeas in northern zones and canola elsewhere.
24/25 Best Bids 6/11
Wheat APW1 $375/t Kwinana (+2), $340/t Geelong (n/c)
Feed barley $324/t Kwinana (+3), $307/t Geelong (-8). VIC barley easing on farmer selling and better than expected yields. Barley also down a little in northern port zones for the same reasons.
Canola non-GM $840/t (-8) & GM $745/t (-8) Kwinana, non-GM $786/t (-8) & GM $725/t Geelong (-9)
Clear Grain Exchange (CGX) Open Market Call
Cereals to remain firm, canola up
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
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