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Grain Report Monday - 28th August

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 mixed on Friday night with Chicago wheat off, Kansas and Chicago corn unchanged, beans up.

  • The Yanks have just finished driving around corn and bean crops to get a better guess of their yields.

  • End results; Profarmer tour estimated corn yield lower than the USDA guess by 3 bushels per acre to 172 bushels per acre, which knocks 6 million tonnes off the US corn crop, dropping it to 377 million tonnes.

  • The bean yields were dropped by 1 bushel per acre which will knock 3 million off their bean crop, resulting in a crop around 111 million tonnes.

  • What does all that mean?

  • Not much really, maybe a little supportive of prices, or at least not bearish prices.

  • Regarding oilseeds and canola, my jury is out on whether oilseeds should be bullish or bearish.

  • Vegetable oil prices are strong, which should support prices and if El Nino impacts on southeast Asia palm production and drives up palm oil prices, then this will support canola prices.

  • But I keep looking at the forecasted 23/24 soybean balance sheet, and with world production up 35 million tonnes to a record 403 million tonnes and ending stocks increasing by 20 million tonnes to 120 million tonnes, this must weigh down on prices.

To read more, subscribe to Outlook Commodities Morning Commentary

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