Grain Report Wednesday - 29th 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.
Grains were higher in choppy trade as the market waits to see if Trump will enact tariffs over the weekend.
Pressuring the market is a turnaround in weather in southern Brazil and Argentina where it has started raining again and forecasts are starting to look wetter.
Fund money has started to move into commodities as a hedge against inflationary Trump policies.
Tunisia is tendering for 100,000t of soft wheat and 100,000t of durum. But otherwise, wheat buying activity is eerily quiet.
European corn cash offers are starting to rise with premiums building for deferred delivery.
Brazilian port authorities have found 51 trucks carrying ‘adulterated’ soymeal containing sand. This is likely to lead to a tightening in Brazilian export protocols and higher costs?
Canola sideways in directionless, almost nervous trade pattern. The Chinese are preparing for New Year’s celebrations.
$A weaker at 62.5USc after US tech market rout hurt risk sentiment. Trump also hinted at tariffs for a range of goods including copper and steel. Inflation figures out today will most likely decide the case for a February rate cut.
BOM hot & dry still. Some talk of a cyclone forming off northern QLD.
Not much to report domestically, except that Australian wheat and feed grain look cheap. US beef and cattle futures made new highs last night on concerns around US supply and firm demand. With livestock values looking well supported, expect increased demand for grain for feeding everywhere.
24/25 Best Bids 28/1
Wheat APW1 $371/t Kwinana (-1), $341/t Geelong (-4).
Feed barley $340/t Kwinana (-2), $324/t Geelong (-1).
Canola non-GM $840/t (-10) & GM $745/t (n/c) Kwinana, non-GM $767/t (-19) & GM $663/t Geelong (n/c).
Open Market Call
Feed grains firm. Milling wheat grades and canola lower.
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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