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Grain Report Friday - 24th November

Market Almost Open - CGX daily report

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.

Chart including Wheat CBOT prices, Wheat Black Sea prices, Canola ICE prices and Canola MATIF prices

Grain trade prices for Australia Grain (wheat, barley, Sorghum, Lupins, Canola, Faba Beans, Oats, Chickpeas and lentils)

Dominic Hogan Outlook commodities comments

Look Out!

  • US Markets closed last night as they celebrated Thanksgiving day.

  • Matif wheat was off slightly, and Winnipeg and Matif canola were also both off.

  • There were some rains through central Brazil, the major bean producing regions, but they were erratic and scattered.

  • I now have a foot each side of the oilseed complex, with support coming from a potential Brazilian production issue and El-Nino affecting palm kernel production through South East Asia.

  • But on the other side of the fence, South America is forecast to produce a record amount of beans and crude oil prices are softening.

  • But then Brazilian soybean oil prices have risen USD $130 over the month and Malaysian palm oil is up USD $75 over the month.

  • But surely inflation and less disposable income means oil-based product demand softens.

  • But with increased biofuel demand, surely that increases veg oil demand.

  • But increased biofuels decreases demand for crude oil which pushes that price down and hence pushed veg oil prices down.

  • I don’t know anymore.

  • The Buenos Grain Exchange in Argentina forecast the Argie wheat crop to be 14.7 million tonnes. The USDA called it 15 million tonnes.

  • Some more reports out of Get it India with concerns farmers are switching from planting wheat to crops that require less water, like sorghum.

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