Australia's Independent Grain Report
Your new daily price discovery
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.
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SPOT Contract
AUD/t
Change
Wheat
CBOT
$431
$1
Kansas
$487
$0
MATIF Milling
$485
$2
Black Sea
$473
-$6
Corn
CBOT
$387
$1
MATIF
$485
-$2
Canola
ICE
$927
$7
MATIF
$920
$15
Currency
AUD/USD
0.679
0.0098
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Wheat and beans firmed last night, corn off.
There is not a great deal happening in the world at the moment, apart from a war in the Black Sea, a drought in Argentina, the world's largest consumer in lockdown, headers being bogged on the East Coast and some soccer round robin game in the Middle East.
Pakistan bought wheat last night, with details to be confirmed. Prices were around USD $372 C&F (cost & freight, their ports), which is what they paid on Melbourne Cup day (1st Nov).
So, the world market 30 days ago was USD $372 C&F into Pakistan and ASX Jan 23 was AUD $503. Today the world market is still the same price, yet the ASX Jan 23 wheat contract has had its pants pulled down and is now AUD $402, a drop of $101.
Export FOB (free on board) prices have not changed that much either. On 1st Nov, WA FOB was quoted at USD $369.50 FIS (free in store) WA AUD $547 for DEC shipment. The Russians at the same time were quoted USD $313.75. Today, WA FOB is quoted at USD $362.25 (FIS WA AUD $504) and Russian is quoted at USD $316.50? So the world market benchmark (Russia) has gone up ~USD $3 pmt over the last month and our FOB values have dropped ~USD $7 pmt.
After adjusting for currency, with AUD strengthening, the real drop in WA FOB price in AUD is $43 PMT.
Over the Northern Hemisphere winter, their prices do tend to firm as it moves into the back end of their marketing year with stocks tightening and some logistical issues due to weather.
On the East Coast, APW FOB Values are around the USD $360 mark, which works back to a track port value of AUD $480. The site bids in Vic are currently around $410 track port for APW, which is $70 under export parity.
Barley export values are around the USD $300 FOB level or AUD $390 track port. Barley site bids are $60 under these export parity values.