Grain Report Tuesday - 27th June

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.

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Look Out!

• Market all over the shop last night.

• Kansas up, Chicago down, Corn up in the nearby and off in the new crop. Beans up.

• The US crop conditions were released after the market closed and Corn ratings dropped another 5% to 50% Good to excellent. This time last year, the crop was rated at 67% Good to excellent.

• However, Illinois, Minnesota, and Indiana who account for around 35% US corn crop dropped between 9-10%.

• Illinois, which is around 17% of US total corn production, is currently rated 26% Good to Excellent, which is 41% below their 5-year average of around 67%. That’s worrying.

• Iowa, the largest producing corn state, only dropped 3% to 56% Good to Excellent.

• The 6-10 rainfall outlook has “near normal” rainfall for these states and above average temperatures.

• The soybean conditions also dropped 3% to 51% Good to excellent and 14% below the same time last year.

• Spring wheat is off another 1% at 50% Good to excellent and 9% behind conditions last year.

• In Summary, the corn yield of 181.5 bushels per acre as per the USDA June supply and demand guess should be reduced in their July forecast.

• A drop to 170 bushels / acre knocks around 25 million tonnes off their original bin busting forecast of 388 million tonnes.

• If you want to know what this means to our prices you should subscribe.

• We all seemed to be hedged on this huge Russian crop and their large carryover stocks which will keep world prices subdued.

• But as we saw on the weekend, there appears to be some internal tensions in Russia, and they will most likely not extend the Ukrainian export corridor which expires in July.

• Hanging our hats on Russian values and stability in the marketplace is like putting your farm on the Eagles winning a game before the end of the season.

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