Grain Report Tuesday - 29th October
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.
Another down day for grains as weather forecasts across Russia and the US become more favourable.
The late arrival of monsoon rains across the Mato Grosso region of Brazil has allowed soybean planting to progress to 36% vs 40% last yr.
Strong early season US corn demand has propped up the grains complex in recent weeks. US traders seem to think the USDA may be overstating production outside of the US. Also, competition out of Sth American is nowhere near as strong as last yr as lower production, better storage capacity, increased domestic consumption and logistical issues have reduced competition from Sth American suppliers. Lower corn prices in recent years have shifted acres to soybeans and encouraged increased usage with lower prices doing their job of reducing supply and increasing demand.
Heavy losses across the canola complex as weakness in crude oil (on easing Middle East tensions) spilled over into vegetable markets.
Grain Industry Association of Victoria crop tour has forecast VIC wheat and barley production at 3.4mt and 2.6mt vs ABARES 4mt wheat and 2.4mt for barley. This will be well down on last year’s harvest of 5.9mt for wheat and 3.4mt for barley but better than expectations.
Graincorp reports that QLD harvest is around half done with receivals of 1.1mt, while over 600,000t has been delivered to NSW sites with quality holding up. Harvest has commenced in the VIC mallee.
Still no mention of lower Aussie production forecasts on international news wires.
$A little weaker at 66.3USc
BOM rain of 15-25mm in QLD will disrupt harvest. Forecast is for further rain 10-50mm in QLD but heaviest falls east of major cropping areas.
ASX weaker at $325/t (-$6/t) as harvest ramps up through NSW.
24/25 Best Bids 28/10
Wheat APW1 $370/t Kwinana (-2), $345/t Geelong (-4)
Feed barley $315/t Kwinana (-5), $316/t Geelong (+1).
Canola non-GM $852/t (-3) & GM $765/t (-3) Kwinana, non-GM $787/t (-1) & GM $732/t Geelong (-1)
Clear Grain Exchange (CGX) Open Market Call
Weaker on harvest selling
For further market commentary please contact the CGX team on 1800 000 410
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