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Grain Report Monday - 30th October

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 wish the market would make up its mind.

  • Friday night's market moves were a reversal of Thursday night’s market moves.

  • This time wheat was off and the row crops, corn, and beans up.

  • Canola was also up strongly, as the total oilseed complex is starting to turn more bullish.

  • Soybean meal prices are skyrocketing, rallying USD $70.50 per short tonne over the month of October.

  • What’s a short tonne I hear you ask?

  • Well for some dodgy traders, it’s failure to supply if the market goes against them. But for soybean meal, it's 0.907 of a metric tonne, which makes a significant amount of sense.

  • So, the US soybean market has rallied USD $78 per tonne, or AUD $125 per tonne. This is all driven because Argie, the largest soybean crushers and exporters of meal have run out of beans. Brazil has stepped up to fill the gap, but it is leaving the market tight. But before we get excited, soy oil prices have fallen USD $98 per tonne over the month of October and soybean prices have risen by USD $8 per tonne.

To read more, subscribe to Outlook Commodities Morning Commentary

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