Grain Report Thursday - 11th January
- Clear Grain Exchange
- Jan 11, 2024
- 2 min read
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.
Look Out!
Markets are about as exciting as watching an Eagles match, as the trade positions themselves for the USDA Supply and Demand guess on Friday.
Beans, however, were off a bit, more on the back of poor US exports and the world's biggest buyer, China, snapping up cheaper Brazilian beans.
On the flip side, CONAB released their Brazilian soybean forecast yesterday, calling the bean crop 155.3 million tonnes.
The Yanks have it at 161 million tonnes.
CONAB also called the Brazilian corn crop 117.6 million tonnes, which again is 11 million under the Yanks guess of 129 million tonnes.
Surely the Yanks must drop this crop under 120 million tonnes.
Corn is trading at a 3-year low and knocking 10 million off the balance sheet would be supportive of higher corn prices, which in turn drives wheat prices firmer.
This time last year, US corn was USD $300 per tonne FOB (Free on Board).
Today, it’s around the USD $200 level.
At the same time, Aussie wheat was USD $333, or USD $33 over US corn.
Today, Aussie wheat is USD $295 FOB or USD $95 over corn, so in the rations, corn wins.
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