Grain Report Friday - 18th October

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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.

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Grains were stronger underpinned by corn as signs of improved demand offset improved weather in Sth America and US harvest pressure.

US sold 1.6mt of corn to Mexico in a sign that corn prices may be making harvest lows.

Wheat shrugged off improved weather in Russia and the US plains as the market focussed on Russia’s efforts to control exports.

IGC left global wheat production unchanged with minor reductions for Australia (31.8 to 31.3mt) and Argentina (18.4 to 18.1mt) offset by increased production in Kazakhstan ~ USDA estimates of 32mt and 18mt for Aust and Argentina.

Russia has banned grain imports from Kazakhstan but will allow transit of Kazakhstan grain through Russia to export ports. This is another sign of increasing Govt involvement in the Russian grain market.

Jordan is in the market for 120,000t of wheat. This is one of the first tenders since Russia decided to control its wheat price so it will be interesting to see what impact these measures have had.

Canola rebounded on strength in soyoil prices. Canadian canola seems to be tracking soyoil market while European rapeseed is trading the tightening European balance sheet.

$A slightly better at 66.95USc on a better local jobs number.

BOM storm activity brings rain to parts of WA, Vic and nth NSW. Parts of NSW have now had 15-50mm for the week which will delay harvest in some places. Forecast has rain of 10-50mm for SA, VIC and central and southern NSW.

ASX no trades $332/t

24/25 Best Bids 17/10

Wheat APW1 $375/t Kwinana (n/c), $356/t Geelong (n/c)

Feed barley $320/t Kwinana (-1), $324/t Geelong (n/c). Feed barley big mover into SA ports up $20/t to $331/t Pt Adelaide since last week.

Canola non-GM $800/t (-5) & GM $735/t (+4) Kwinana, non-GM $747/t (n/c) & GM $693/t Geelong (n/c)

Clear Grain Exchange (CGX) Open Market Call

Southern port pricing stronger, steady to higher elsewhere.

For further market commentary please contact the CGX team on 1800 000 410

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