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Grain Report Friday- 5th January

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! Finally, for the first time this year the wheat markets firmed.

  • The Iranians have sent a Navy vessel to the Red Sea. That’s interesting and turns the tension dial up a notch, which will drive oil and energy markets and support oilseeds.

  • But soybeans and Canola were all off last night.

  • An Indian Food Ministry official has gone the early crow and forecast the 24/25 wheat could potentially be 114 mt, whilst another group forecast the crop to be around 104 million tonnes.

  • I think the other group is closer to the truth.

  • The Aussie dollar is also softer.

  • But the ASX Jan wheat contract is also softer.

  • It appears there was some position rolling yesterday on the ASX wheat contract, rolling Jan to March with 12,000 tonnes traded.

  • ASX wheat is trading at USD $282 FOB (Free on Board) which is under export parity for Aussie wheat.

  • Now, you should sit back and scratch your head.

  • The markets are still not making any sense.

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