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Grain Report Thursday - 06th July

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!

  • Now that we are all independent to make our decisions, we decided to buy up US wheat futures on the lower Spring wheat crop conditions and also rains delay the US Winter wheat harvest.

  • The first reason is more important than the 2nd, as a lower Spring wheat crop equals diminishing stocks held by the majors.

  • So, DEC Chicago wheat was up AUD $16 per tonne and if you click your heels together Dorothy, Kansas was up AUD $25.

  • But all that doesn’t matter, because Russia, the country where nothing is happening that impacts on world wheat supplies, is flush with grain.

  • Ironically, the world is reliant on Russian wheat supply to stop the world going into turmoil, and yet since February 2021, Russia has sent the world into turmoil.

  • But like daily Covid death numbers, the Black Sea situation has faded in the background.

  • However, in a few weeks the shipping corridor agreement expires, and everyone is on the same page that Russia will not extend this agreement.

  • So, what happens then?

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