Grain Report Tuesday - 21st 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.
European grain markets were flat overnight with US exchanges closed for US Holiday.
Russian wheat export prices eased US$3/t last week amid competition from Argentina and Australia.
The Russian crop is developing; however, it lacks snow cover and is susceptible to a freeze event.
SoveCon estimates January Russian wheat exports at 2mt vs 3.6mt last year and 3.8mt in December. We should start seeing some impact of lower Russian wheat export volumes soon. US wheat exports ticked higher last week but we need to see them consistently higher.
Wheat demand is eerily quiet with very limited tender activity this week.
Rain over the weekend in Argentina and southern Brazil was very patchy and forecasters reckon the hot, dry spell has already damaged crops.
The Rosario Grain Exchange reduced its Argentine corn production estimate to 48mt, down from 50-51mt.
Meanwhile it is too wet in central Brazil where soybean harvest is running at 1.7%, its slowest pace since 2021. Delays to harvest will also affect the second corn plant which is a significant crop.
$A was sharply higher at 62.7USc and rising on $US weakness. Trump signalled he wouldn’t immediately impose any tariffs.
BOM forecast is a bit wetter for eastern parts of the QLD sorghum belt, but it won’t matter with a run of very hot days forecast this week.
Local markets seem to be meandering along with no real direction from anywhere. Higher corn prices and a lower $A should be starting to attract international interest in our feed barley and sorghum. On current market conditions and pricing, east coast exporters will likely shift focus to feed grains once they have finished exporting chickpeas and canola with milling wheat taking a back seat for now.
24/25 Best Bids 20/1
Wheat APW1 $370/t Kwinana (-3), $344/t Geelong (n/c).
Feed barley $337/t Kwinana (n/c), $312/t Geelong (n/c).
Canola EU $845/t (+5) & non-EU $710t (+5) Kwinana, EU $796/t (+6) & non-EU $665/t Geelong (n/c).
Open Market Call
Flat.
For further market commentary please contact the CGX team on 1800 000 410
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