Grain Report Monday- 20th October
- Clear Grain Exchange
- 2 days ago
- 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.
Not much happened in global grain markets over the weekend.
Wheat eked out its first weekly gain in 5 weeks…up 1% from contract lows.
Nothing much has changed from a global fundamental picture so local cash markets will look to any changes in local sentiment or S&D. The larger WA crop will compensate for losses across the south-east but the southern port zone S&D has tightened which has led to some old crop premiums as end user seek to take cover on ASW (lowest old crop quality available) in delivered markets $375/t Melb/Geel up $20/t the past fortnight. Southern markets will remain on the defensive until the trade can assess the impact of forecast showers with 15-25mm expected to hit crops in need over the next week….it is too late for early southern areas making it tricky to assess.
There are some worrying signs emerging from the US market which seem to confirm the divergence between the equity markets and how consumers are feeling (very weak consumer sentiment) with some secondary lenders specialising in auto finance and credit card debts starting to feel the pinch. Some regional US banks lost up to 10% in Friday trade. There has been growth in the US private lending market as bank’s look to get around tightened regulations but at the end of the day these private lenders are funded by someone and unless it is transparent how they are funded it can cause uncertainty to pulse through the market.
For further market commentary please contact the CGX team on 1800 000 410
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