Grain Report Tuesday - 12th November
What price do you want for your grain?
Overnight moves in international markets and yesterday's actual traded grain 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.
Veterans & Remembrance Day Holidays in US and Canada slowed action with Canadian markets closed.
US grain futures broke lower as crop conditions continued to improve across the US and Sth America. There has been little good news on the wheat front for several weeks now and this move could be an attempt to start winning some export business.
Tellingly European futures held their ground. Will we see a rush lower as global traders attempt to rev up some wheat demand? Let’s wait and see what happens over the next few sessions.
Brazil is ¾ planted on its first corn crop and beans.
BOM is starting to look a little ominous for sth QLD and nth NSW with heavy falls of up to 100mm and higher in parts.
Graincorp receivals nudged over 5mt with Queensland winding up. The rain forecast is going to cause harvest delays right across nth NSW and down through central and sth NSW.
Nearly 2mt was harvested across WA last week, doubling CBH receivals to nearly 4mt. Wet weather slowed harvest in Esperance and Albany zones where they are into canola and barley with some wheat starting to trickle in which is early. Most sites in the Kwinana South zone are now open.
ASX traded at $325/t down $5/t.
Koch's Call
Need to keep hitting this rally in oilseeds. Even though fundamentals are supportive, US soybeans and Canadian canola are likely to be pawns in a game of brinkmanship between US/Canada and China. The threat of a trade war has artificially boosted demand for corn, beans and canola this past month which has propped up markets that otherwise would be lower. These markets will get a jolt when China determines they have built enough of a stockpile to launch a pre-emptive strike. Sounds dramatic, but that’s how things go when big egos are involved.
24/25 Best Bids 11/11
Wheat APW1 $373/t Kwinana (+1), $342/t Geelong (+2).
Feed barley $324/t Kwinana (+3), $310/t Geelong (n/c). SA barley -$23/t to $310/t in the past week as domestic premium erodes.
Canola EU $887/t (+12) & non-EU $787/t (+17) Kwinana, EU $817/t (+10) & non-EU $760/t Geelong (+10).
Clear Grain Exchange (CGX) Open Market Call
Cereals weaker, canola firm
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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