Grain Report Wednesday - 25th January
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.
What price do you want for your grain?
Look Out!
Turnaround Tuesday for wheat and corn, which were both up solidly.
Beans are feeling unloved and were basically unchanged.
No real reason for the bounce as nothing has changed in the world.
Iraq is tendering for milling wheat from the US, Australia, and Canada.
The Chicago wheat/ corn spread is under 60 cents a bushel, which is narrow and tells the market, we are comfortable with wheat and nervous about corn.
Wheat is already finding its way into feed rations, displacing corn in international markets.
US corn is quoted around USD $300 per tonne FOB (free on board), so that's put a floor in the market.
At USD $300 FOB, SFW / ASW wheat is equivalent to AUD $400 FIS (free in store) WA and AUD $380 Track East Coast.
However, our export values are firmer than that with WA APW wheat around USD $350-USD $355 FOB (equates to AUD $475 FIS WA and AUD $450 Track East Coast).
If the Argie crop drops in production, corn will firm and push up wheat.
Our markets remain flat to soft, with the currency adding to the pressure on prices.
Harvest is now estimated at 90-95% completed
Most importantly 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
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