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Grain Report Monday - 11th December

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 all off on Friday night after wheat some considered a lack lustre USDA World Ag Supply and Demand guess.

  • Overall sentiment is bullish for wheat, barley, and beans.

  • Corn should be bullish if only they would put a fair dinkum number in for the Brazilian corn crop.

  • 99.9 % of the market has reduced this crop to below 120 million tonnes whilst the Yanks have it at 129 million tonnes.

  • Surely, they had to shave a bit off the Brazilian crop.

  • Nope, they left it at 129 million tonnes; amazing.

  • They did however reduce the Brazilian Soybean crop down by 2 million tonnes to 161 million tonnes, which is still slightly higher than most of the other crystal ball forecasters.

  • On the wheat side, they increased the Aussie and Canadian wheat crops by 1 million tonnes to 25.5 million tonnes and 31.95 million tonnes respectively.

  • But they also increased world demand by 1.8 million tonnes and world exports up by 2 million tonnes, which gives wheat a slightly bullish, supportive tone.

  • World corn consumption was also up almost 2 million tonnes and Beans up 2 million tonnes.

  • This increased demand is going against the world sentiment, that consumption is dropping due to inflation and less available funds.

  • At the end of the day, we have to consume a certain number of calories to survive unless of course you are doing one of those fasting diets.

  • In other news, Get it India wheat stocks are forecast at 19 million tonnes for this time of the year, which is at a 7-year low.

  • The Indian population is 100 million higher today than 7 years ago, which makes those stocks even tighter on a per capita basis.

  • At some stage, the Get it India wheat import ban dam has to burst.

  • Back home, our markets will be all about the level of quality damage on the East Coast and SA.

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