Grain Report Wednesday - 15th March

Our goal is to help growers and their agents determine the selling price for their grain by providing relevant price discovery each day. Check out the moves in overnight international markets and yesterday's actual traded prices across Australia. There's also market commentary giving context and comparisons to prices of international physical markets. If you need to change your offer price, simply edit it before market open.

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Look Out!

• Markets up again last night.

• The world is slightly concerned over the corridor negotiations.

• The old corridor agreement expires on the 18th of March, so only a few days until an agreement needs to be reached, or the grain markets will explode.

• The Ruskies also shot down a US drone over the black sea, adding to the tensions. Then just for a bit more spice, Tennis Albo, “Joe Biden his time” and the UK Prime Minister gave the bird to China.

• Egypt has come out and said they have enough wheat for 3 months, which means they will hold a tender this week. They are one of the most transparent players at the world buyers poker table.

• World grain buyers are quite active with wheat purchases by Algeria (540,000 mt), Tunisia (234,000) and Jordan (60,000).

• Add the 1.043 million bought by Saudi this week and the Aldi shopping trolley is getting full.

• All this buying has reminded the market, we need wheat to eat to survive and consequently the ASX March wheat contract was back up over $400 yesterday, the first time since the 1st week of January.

• The La Nina hopped on a plane and left the country this week. Goodbye, La Nina, we will miss you and thanks for all the rain.

• At the same time, someone spotted La Nina’s brother, El Nino at a pub in the city, downing a few frothies.

• The next 3 months will be interesting as world export stocks start to tighten before the Northern Hemisphere harvest.

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Call 1800 000 410 or Email support@cgx.com.au