Grain Report Friday- 31st October
- Clear Grain Exchange
- Oct 31
- 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.
Chicago soybeans turned higher on Thursday after Bessent said that Beijing had agreed to purchasing 12mt of US soybeans for the current season and committed to buying 25mt annually for the next three years.
Late-season frosts may have affected wheat fields in southern parts of Argentina's agricultural heartland in recent days. Some 8.4% of the wheat area has been harvested so far. Argentina's wheat harvest concludes in January. Regarding the 2025/26 corn crop, the Buenos Aires grain exchange reported that early corn planting has finished and that 35% of the estimated 7.8 million hectares of corn fields have now been planted.
BOM weather patterns have changed with the high moving out of the Australian Bight which is allowing systems to move through the south-east. This will provide for a tricky harvest with more showers in the forecast for the next week across most Australian cropping areas with the heaviest (up to 50mm) for the SA south-east, Victoria and NSW Riverina.
Local cereal markets are flat with the odd short being quickly covered. A delayed harvest might see some pricing opportunities with end users with skinny coverage being exposed (old crop opportunity). Canola has gained $10-30/t this week on a firming in the global oilseed complex with news that China will resume US soybean purchases. India further restricting pulse imports is not a good sign for Australian pulse values.
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