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Grain Report Monday- 02 October

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!

  • Markets off solidly on Friday night.

  • Chicago wheat, like the Broncos, started solidly up 6 cents from the open, but then collapsed in the 2nd half, falling 45 cents a bushel.

  • The crowd was dumbfounded.

  • Chicago wheat has fallen to a three year low as the USDA increased 2023/24 wheat production by 2 million tonnes in the USA to 49 million tonnes.

  • Also, wheat quarterly stocks were higher than the trade expected.

  • So increased production in the US and higher stocks resulted in a huge sell off of wheat futures.

  • But on the flip side, corn stocks were lower than expected and US soybean stocks decreased to the lowest level in 2 years.

  • This should be supportive of prices, but Corn and Beans were also sold off.

  • It makes as much sense as paying an advantage rule to a player being tackled in the last minute of a grand final.

  • US Soft Red Wheat is now the cheapest wheat in the world at USD $235 per tonne FOB (Free on board) US Gulf.

  • Hard Red winter wheat ex the US Pacific Northwest, our competing port into Asia is currently trading around USD $288 per tonne FOB.

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