Grain Report Tuesday - 7th 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.
Dryness across South America prompted a lift across the grains complex pushing corn to a 6-month high.
Higher corn prices supported wheat which was viewed as oversold after Friday’s sharp downturn.
Indian wheat prices have jumped to a record high with flour mills struggling to secure the grain to operate at full capacity. Measures (sales of government wheat stocks and changes to millers’ stockholding limits) to curb wheat prices have failed to bring down prices.
Indonesia is planning to impose an import quota on feed wheat imports to protect local corn farmers.
US sanctions on Syria will soon be lifted to facilitate imports of wheat and other humanitarian aid.
Canola values were mostly flat with values capped by a rising $CA after Trudeau resigned and thoughts there will be an abundance of soybeans after the South American harvest.
$A wild night up to 63USc on reports that Trump’s tariff plan would be ‘targeted’ and then sold off to 62.4USc after Trump said reports were false. A soft local monthly inflation reading this week would see pressure on the $A again.
BOM more rain for sth QLD/nth NSW sorghum belt.
Local cereal markets have been quiet over Christmas/ New Year. Most end users are covered until the end of February and growers are content to sit and wait having generated enough cash flow from sales of chickpeas/canola. In the north, a bumper sorghum harvest will start in the next few weeks with prices of $345/t delivered Brisbane, $320/t Downs packers and $300/t on farm likely to attract selling interest from farmers off the header.
In the south, hot and dry weather and limited feed reserves will slow farmer selling as cereal holdings will be used as a drought hedge.
24/25 Best Bids 6/12
Wheat APW1 $375/t Kwinana (-1), $344/t Geelong (-8).
Feed barley $326/t Kwinana (-2), $311/t Geelong (n/c).
Canola EU $845/t (-15) & non-EU $725/t (-15) Kwinana, EU $768/t (-12) & non-EU $666/t Geelong (-9).
Open Market Call
Bids should be firm today.
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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