Grain Report Wednesday - 23rd 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.
Wheat up a little overnight on a quiet news day.
US winter wheat is tracking around average with 73% planted and 46% emerged, just a few ticks behind the 5 year average pace
Some rain across Argentina has improved wheat crop prospects, halving the amount of crop in poor condition to 325,000ha. The Argentine crop is later than ours, so it still has time to benefit from improved moisture.
Some forecasters have pegged the 24/25 Russian wheat crop at 80-85mt, around the same as this year but well behind its big crop years.
Corn and beans gained on news of more US export business and slow planting progress across Brazil.
Rabobank has put the Aussie wheat crop at 27.55mt (31.5mt ABARES), barley 10.37mmt (12.2mt ABARES) and canola 4.67mt (5.5mt ABARES). If you take WA at (10mt – latest GIWA), NSW (11mt ABARES) and QLD (2.1mt ABARES) it leaves 4.55mt for VIC/SA. PIRSA estimated the SA crop at 3.2mt in September (which is a little heavy given frost and no rain). The Rabobank estimate looks a little light, while ABARES is a little heavy. If the Rabobank estimate is taken seriously, it’s enough to get the market excited – let’s see what happens.
Canola was up strongly again, supported by the oil complex.
$AUD = 66.82USc not much change
BOM forecast is dryer, particularly for Vic, but still, some rain for nth NSW and South and Central QLD
24/25 Best Bids 22/10
Wheat APW1 $370/mt Kwinana (-4), $352/mt Geelong (n/c)
Feed barley $320/mt Kwinana (n/c), $319/mt Geelong (-3).
Canola non-GM $830/mt (+20) and GM $745/mt (-1) Kwinana, non-GM $776/mt (+6) and GM $722/mt Geelong (+7)
Clear Grain Exchange (CGX) Open Market Call
Wheat and barley firm, canola should be sharply higher (global exchanges were up A$10-15/t again overnight) – pricing opportunity???? What is your price target????
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
If you have any queries, we're always here to help!
Please give us a call or email if you have any questions.
Call 1800 000 410 or Email support@cgx.com.au
Comments