Grain Report Tuesday - 3rd 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.
Grains were mixed overnight under the same influences of larger crops and routine demand. It looks like geo-politics will be the key source of volatility in coming months.
Ukraine has announced it will move to a system of minimum export prices to control export flows.
Brazilian soybean crop estimates continue to rise with parts of southern Brazil the only cause for concern. Most are estimating the Brazilian soybean crop at above 170mt vs around 150mt last year. Rain in Argentina will allow for planting of summer crops.
Trump has announced 100% tariffs for goods exported to the US for countries participating in BRICS if they attempt to manipulate the $US. Russia and China along with trading partners Brazil and India etc. are attempting to form a trading bloc and bypass the $US in a bid to weaken the influence of the US and G7 nations.
The French Government is on the brink of collapse as the unholy union between the left and far-right unravels which saw a sell-off in the Euro.
Sounds like there is a power struggle on in Egypt as the Prime Minister attempts to implement a direct buying strategy away from the traditional GASC tender system which is run by the state buying agency. International traders are wary of the lack of transparency and its ability to execute, particularly given its clumsy recent price inquiry effort.
Russia has signed a deal with Morocco to supply 1.5mt of wheat as north Africa moves away from French wheat.
Argentina is closing in on a deal to export wheat to China for the first time in over 30 years in another sign of the emergence of South America as an agricultural export powerhouse and its closer ties to China.
$A lower at 64.68USc and looking technically weak.
BOM forecast is still wet with east coast to receive 15-100mm in the next week starting today from an inland band from south-west QLD through NSW and into VIC.
ASX $326/t
Wheat was off $7/t in the west, but milling grades were firmer by $5/t into east coast ports. Lupins off another $5/t Kwinana down to $505/t. Pulses were higher on the east coast chickpeas up $60/t to $860/t Brisbane while lentils ($908/t) and faba beans ($673/t) up $5/t and field peas ($579/t) up $10/t Wallaroo. Canola firmed by $5-12/t to $812/t and $700/t west coast with east coast $50/t behind.
24/25 Best Bids 2/12
Wheat APW1 $375/t Kwinana (-7), $348/t Geelong (+5).
Feed barley $328/t Kwinana (-2), $310/t Geelong (-1).
Canola EU $812/t (+6) & non-EU $700/t (+5) Kwinana, EU $760/t (+12) & non-EU $653/t Geelong (+5).
Open Market Call
Canola and pulses might be bid higher, hard to make a case for anything else
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