Grain Report Wednesday - 30th 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 led the grain complex higher although soybeans were down a little.
The first condition ratings for the US winter wheat crop were a little worse than expected with 38% good/excellent down 10% on last yr with 80% of the crop now planted.
7-day weather forecasts for major crops are getting wetter which will be the dominant influence over the next week or so.
Brazilian exports for October, corn (6mt vs 8.5mt last yr) and soybean (4.5 vs 5.5mt last yr) were well below last year’s level which explains improved US export demand and the strength in US corn and soybean futures lately. Not sure if this is short-term and related to logistical issues caused by low river levels due to drought or related to better storage systems and increased domestic demand. We will keep an eye on US exports.
Canola rebounded due to sharp rises in palm and soybean oil.
Russia is having problems shipping against a 430,000t Egyptian wheat deal done outside the tender system. As the deal wasn’t done directly with the Egyptian Government it contravenes the new Russian Gov’t policy. This highlights the increasing difficulties that importers may have in dealing with Russia now the government is exerting greater control over exports.
$A under pressure at 66USc on $US strength due to improving US economic data and ideas that Trump will be the next President.
ASX no trades yesterday but indicative $324/t
BOM a good chunk of central and southern QLD received rain of 10-50mm in storms the past few days. No harvest quality issues reported so far. 8-day forecast is dry for cropping areas.
24/25 Best Bids 29/10
Wheat APW1 $368/t Kwinana (-2), $343/t Geelong (-2)
Feed barley $320/t Kwinana (+5), $316/t Geelong (n/c)
Canola non-GM $841/t (-11) & GM $745/t (-20) Kwinana, non-GM $783/t (-4) & GM $728/t Geelong (-4)
Clear Grain Exchange (CGX) Open Market Call
Firm on a stronger international lead and weaker $A
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
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