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Grain Report Tuesday - 30th January

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 in the red last night.

  • US Wheat exports have been sluggish and behind pace to meet the USDA’s target of 19.7 million tonnes.

  • Oilseeds were softer as the South American bean harvest progresses.

  • Bit of tension building between the US and Iran after 2 US Army officers were killed in Jordan.

  • The US Defence is waiting on a decision from Biden his time as to what the level of retaliation will be without provoking a war between the 2 countries.

  • Corn planting in Brazil is at 11%, which is around 7% behind pace.

  • There has been rain in Northeast Brazil, however the forecast is for drier, warmer conditions to start in February.

  • A lot hinges on this Brazilian corn crop, and any production disruption will be supportive to wheat prices.

  • However, on the flip side, Argentina is producing a bin buster and could be as high as 60 million tonnes.

  • US corn exports are ahead of pace to reach the US target of 53.3 million tonnes.

  • Reports coming out that Get It India has had a cold snap that could help their crop this year which is harvested in April – May.

  • However, India’s crop can go backwards if they get extreme heat through February and March, which is on the forecast.  

  • And it’s not the BOM forecast, so it might be accurate.

  • Get it India’s government wheat stocks are the tightest in 7 years and they have had a few more million people since then.

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