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Grain Report Monday - 26th June

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!

  • I am not sure who I am more disappointed in, the Eagles or the corn and bean markets?

  • Both got smashed as a bit of rain fell through the US, although there is still a lot more needed, and they are not out of the woods yet.

  • Rain would have also helped the Eagles, because it's always harder to score in the wet and they would have only been beaten by 20 goals on a wet day.

  • But the big news story is Russia and their “potential” internal problems.

  • However, that fire was put out in the early hours of Sunday morning and a line was drawn in the sand.

  • If the situation in Russia escalated, it could impact on their exports, which would impact on world prices as Russia is the largest exporter of wheat, pumping out 4 million tonnes per month, or 45 million tonnes per annum.

  • Russia is the price floor in the market.

  • Their current prices are around USD $247.75 for December and given we will trade at a USD $50 premium over them, puts WA values close to USD $300 FOB (Free on board) for December, or AUD $410-AUD $320 FIS (Free in store) WA for APW and AUD $390 - AUD $400 Track East Coast.

  • ASX Jan 2024 on the East coast is AUD $403, which is around the mark.

  • The Australian crop has started off well in most regions, but I keep coming back to longer term forecasts and below median rainfall.

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