Grain Report Wednesday - 8th 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 flat with showers creeping into the forecast for Argentina dampening demand.
USDA report out Friday with analysts expecting global and US corn and soybeans stocks to be trimmed and wheat flat to slightly higher.
Grains have mostly been at the whim of currency movements over the past month as the traders assess the impact of a Trump Presidency.
News that Morocco had increased its wheat import subsidy has stirred hope of fresh demand.
Jordan's state grains buyer purchased about 60,000t Black Sea wheat at $269/t C&F which is about equal to its November tender. Jordan gave indications that further tenders for another120,000t of wheat and 60,000 of feed barley would be announced/awarded in the coming week.
But low Argentine and Russian wheat offers continue to suppress prices and limit export demand for other origins in markets where activity is still winding up after the holidays.
Rabobank reckons US soybeans could fall to below $9/bu (currently $10/bu) if a trade war occurs between US/China.
China's rapeseed meal futures fell to a three-week low on Tuesday after the Canadian Prime Minister’s resignation sparked hope that trade tensions between Beijing and Ottawa will soften. Chinese importers stopped buying Canadian canola from December, worried that Beijing could impose retaliatory anti-dumping duties.
$A flat at 62.4USc as indications of slowing US rate cuts fed strength in $US.
BOM welcome rain of 10-15mm for central and north-east VIC. More rain in forecast for central and eastern areas of the east coast.
Wheat was up to $5/t dearer in WA but flat east coast. Our east coast markets are lacking any export market impetus and domestic end users are covered until February. Growers will be happy to sit on cereal stocks wanting a payoff for storing. Basis movements will give us an indication of the willingness of the trade to take ownership from growers.
24/25 Best Bids 7/12
Wheat APW1 $375/t Kwinana (n/c), $344/t Geelong (n/c).
Feed barley $327/t Kwinana (+1), $311/t Geelong (n/c).
Canola EU $845/t (n/c) & non-EU $725/t (n/c) Kwinana, EU $772/t (+4) & non-EU $665/t Geelong (-1).
Open Market Call
Bids should be firm today.
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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