Grain Report Friday- 17th October
- Clear Grain Exchange
- Oct 17
- 2 min read
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Australia’s independent grain report—designed to help support your pricing decisions before the market opens at 10:00am AEST. If you need to change your offer price, simply edit it before market open.
US corn futures rose for a third straight day on reports of lower-than-expected harvest yields in some areas of the Midwest and forecasts for rain that could delay further field work. Soybeans also climbed on strong domestic crush demand.
Wheat followed corn and soy higher, lifted by short covering after abundant global supplies had dragged prices to near five-year lows. Soft commodities were supported by broader market moves and a weaker $US.
Local markets are unchanged to lower on limited selling so far. Buyers will be happy to wait and assess the impact of the change coming across with BOM forecast looking better for a significant rain event across the south-east. The rain will help later crops but in the western Riverina and south-west NSW, SA Murraylands and SA/VIC mallee the rain will be too late to boost yields (which are just average) but may help heads fill and limit the amount of pinched grain.
Pete Johnston from LFG reports that harvest is picking up pace in Southern QLD, with prompt SFW markets becoming a little 'hit and miss'. We are still seeing the occasional bid around $325/t delivered Downs for October - but often it is for challenging homes and limited volume. We'd probably peg the prompt market closer to $320/t in reality......with Nov/Dec closer to $310/t. The horse has already bolted on Barley with prompt bids $292/t into QLD feedlots with circa $300/t bid Downs for Nov-Feb.
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