Grain Report Monday - 30th December
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.
Solid US export volumes supported grain markets over the Christmas period. US corn futures have made 6-month highs which is putting a firm floor under wheat as a feedstock but the market is still not recognising the tightness in global milling wheat balance sheet as competitive nearby offers belie supportive fundamentals.
Buying of US corn is a hedge against problems with the South American corn crop (the second and much larger crop) which is about to be planted.
Soybeans continue to be under pressure from South American production prospects.
Algeria purchased 1.17mt from mostly Romania and Bulgaria and some Russian suppliers.
Egypt’s state grain buyer contracted about 1.267mt of wheat, from mostly Russia.
Canola was capped by lower soybean values and falling European rapeseed prices.
$A lower at 62.17USc under pressure from resurgent $US (Trump and slowing pace of interest rate cuts). Japanese Yen at 38-yr low, Chinese Yuan at 13-month low. Lower iron ore values and increased prospects for a Feb rate cut has the $A poised to challenge its Oct 2022 low of 61.7USc.
BOM patchy rain for inner sorghum belt and forecasts for more widespread storms across sth QLD/nth NSW.
No cash market update today, I’ll make a few calls and see what’s happening and report back tomorrow ahead of the New Years break.
Open Market Call
Prices should be supported by a lower $A and firm international values.
For further market commentary please contact the CGX team on 1800 000 410
CGX now own and operate the igrain market for grain stored on-farm
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Call 1800 000 410 or Email support@cgx.com.au
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