Grain Report Thursday - 9th January
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.
$US strength, as Trump reinforced tariff plans, and some rain creeping into the forecast for Argentina pressured grain markets overnight.
Grain looks set to trade Sth American weather over the next month or so. Rain is needed for southern Brazil and Argentina for soybean production to meet record estimates. December rainfall was 80% of normal for these areas which is typical for a La Nina weather pattern. Trade is estimating Brazilian soybean production at 170mt and corn 127mt and Argentina at 51mt for corn and 52mt for soybeans.
The USDA rated 47% of the Kansas winter wheat crop in good-to-excellent condition, down from 55% in late November. Wheat ratings also declined during December in Nebraska, Oklahoma and South Dakota, but improved in Montana and Colorado. National crop condition reports don’t start again until April.
USDA is expected to confirm 2025 US winter wheat planting at 33.4 million acres on Friday equal to 2024 plantings (34.4-32.5 analysts range of estimates).
South Korea bought 65,000t of US feed wheat at US$250/t C&F.
Ukraine's Dec wheat exports dropped to 789,000t vs 1.84mt a year ago as wheat available for exports tightens.
Jordan issued a new tender for 120,000t of wheat but declined offers in its feed barley tender.
Funds are adding to their long position in corn ahead of the USDA report on Friday night.
$A lower at 62.15USc on $US strength.
BOM 15-40mm of patchy rain for parts of NSW northern and central tablelands. More rain forecast for central and eastern parts of east coast.
Exports out of NSW ports seem focussed on higher protein wheats for north Asia. There is interest domestically for SFW1 at current values, although there is some doubt as to how much lower quality wheat is available. Downgraded wheat volumes seem to be well below initial estimates of up to 2mt with some traders estimating just 400,000t of downgraded wheat in the south which is why SFW1 prices are moving towards ASW values.
24/25 Best Bids 7/12
Wheat APW1 $375/t Kwinana (n/c), $346/t Geelong (+2).
Feed barley $328/t Kwinana (+1), $312/t Geelong (+1).
Canola EU $855/t (+10) & non-EU $735/t (+10) Kwinana, EU $787/t (+15) & non-EU $670/t Geelong (+5).
Open Market Call
Bids will be flat.
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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