Grain Report Tuesday - 07th March
Our goal is to help growers and their agents determine the selling price for their grain by providing relevant price discovery each day. Check out the moves in overnight international markets and yesterday's actual traded prices across Australia. There's also market commentary giving context and comparisons to prices of international physical markets. If you need to change your offer price, simply edit it before market open.
What price do you want for your grain?
Look Out!
Wheat markets got hit again last night
Corn was off slightly and beans were up.
Obviously, the world market didn’t read my bullish report yesterday and tightness of stocks held by major exporters in the 23/24 season.
At the same time, A Bear In There, and People with Games and stories to tell (ABARE), came out in alignment with their name, increasing the Australian winter crop by 5.2 million tonnes to a bin busting record of 67,259 million tonnes.
Well done growers, you deserve a pat on the back.
This crop is 4 million tonnes larger than last year's record.
Now whilst you are celebrating a record production, don’t complain about prices as you grew way too much grain.
The wheat crop was increased by 2.63 million tonnes to 39.11 million tonnes.
The main changes were NSW up 1.12 million tonnes and WA up 800,000 metric tonnes.
The WA wheat crop is in line with the Grains Industry of WA (GIWA) February report.
The Australian Barley crop was increased by 740,000 metric tonnes to 14.08 million tonnes.
NSW, SA and WA were all increased by a couple hundred thousand tonnes.
Interestingly (well interesting for some, whilst others will find this boring), GIWA forecast the WA barley crop to be around 6.50 million tonnes and A-Bear in there forecast it at 5.60 million tonnes.
That’s a difference of 900,000 metric tonnes. To quote Leyton Hewitt, “C’mon”.
Who do we trust?
The Canola Crop was increased by almost 1 million tonnes to 8.25 million tonnes. The bees appreciate your support of their industry.
The increases in Canola production were in NSW, up 500,000 tonnes and SA & WA up 460,000 tonnes.
ABARE and GIWA have the exact same production number for Canola.
So, ABARE and GIWA have almost the same numbers for Wheat and Canola, yet their barley numbers are 900,000 metric tonnes diffe
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