Grain Report Tuesday - 14th February

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.

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Look Out!

• Markets were relatively unchanged last night.

• The Philippines took the Aussie exporters out on a date last night to celebrate Valentine’s day.

• It was such a lovely evening.

• The Philippines bought some flowers and 110,000mt of feed wheat.

• The Philippines even picked up the bill, paying USD $332 per tonne C&F (Cost & Freight) for the two June–July cargoes.

• This works back to $417 FIS (Free In Store) WA and $393 Track East Coast Australia.

• Their last date was in December, where they also picked up the bill, paying almost the same price of USD $335 C&F.

• Maybe they ate the same meal?

• Have the markets really been softening as quoted by the exchanges?

• ASX Jan wheat in early December dropped down to $380. Today the ASX March contract is $397, up $17 PMT (per metric tonne).

• Black Sea wheat is quoted at USD $304 FOB (Free on Board) today. In December it was quoted at USD $315, so off USD $10 PMT.

• WA FOB values were also quoted at USD $364 (AUD $510 FIS WA or AUD $480 Track East Coast), which is USD $50 over Russian. Today the same exchange is quoting WA Fob values for APW wheat at USD $334 FOB (AUD $450 FIS WA or AUD $420 Track East Coast).

• Hard Red Winter wheat ex Pacific NorthWest (PNW) on December 8th was quoted around USD $397 FOB, and Soft White Wheat (SWW) ex PNW was quoted at USD $338 FOB.

• Last Friday these wheat grades were quoted $407 FOB for HRW, and USD $331 FOB for SWW ex the PNW.

• So, ASX is UP, WA has limited supply of APW, US values for Hard Red Winter (HRW) are firmer since January and the Philippines paid the same for feed wheat as they did in December, yet we are being led to believe our export FOB values are down USD $30 PMT for APW?

• I think someone in the market is having an affair?

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