Grain Report Tuesday - 24th December
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 rallied a little on thoughts that recent price falls may be encouraging demand.
Weather forecasts for early 2025 suggest mild conditions with minimal risks to wheat crops in Europe and the Black Sea, but dryness in the US Plains could increase pressure for spring rains.
Russian wheat exports remain elevated ahead of the imposition of export quotas in mid-Feb. December exports are expected to be around 3.8mt.
Corn is being supported by solid movement and dryness in Argentina, although overnight rains there have eased some concerns.
Sovecon expects Russian wheat exports will fall by 17% to 36.4mt in 2025/26 due reduced production and low carry-in stocks.
Veg oil complex has been under pressure from news that Indonesia has relaxed its biofuel mandate, mounting soybean crops in South America, slow demand for oilseeds in China and thoughts that US biofuel policies will support ethanol blends.
Canola was steady in Canada but higher in Europe on a tight EU balance sheet.
$A steady at 62.47USc
BOM has 15-25mm for parts of QLD sorghum belt.
ASX steady at $320/t
Cereals were off $7-11/t in WA. We should soon see the impact of Russian export controls on global wheat values. This will most likely coincide with the northern hemisphere Spring where grain price volatility increases.
24/25 Best Bids 23/12
Wheat APW1 $370/t Kwinana (-11), $350/t Geelong (-2).
Feed barley $318/t Kwinana (-7), $313/t Geelong (n/c).
Canola EU $855/t (n/c) & non-EU $720/t (n/c) Kwinana, EU $765/t (+5) & non-EU $648/t Geelong (-7).
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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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