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Grain Report Wednesday - 13th December

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

Dominic Hogan Outlook commodities comments

Look Out!

  • Turnaround Tuesday with wheat markets rallying.

  • Corn was left standing in the rain and beans fell over its own feet.

  • The Brazilian soybean crop production and weather is the one to watch over the next few weeks. 

  • It will shape the oilseed complex for next year.

  • Oil prices are not helping as crude oil fell again last night, now under USD $68 per barrel. 

  • It's off almost USD $20 since mid-October

  • Interesting the commentary yesterday was the markets were off strongly as hopes the Chinese Xi Cricket Team would continue buying US wheat were fading.

  • Market dips and now rumours of some more wheat buying by the Chinese Xi Cricket Team.

  • Whilst on the subject of China, Australian barley shipments for October were the highest in 12 years, with China the biggest destination, making up 70% of exports.

  • It's nice to have you back home, China, can I get you a cup of tea?

  • France is having a few problems planting their wheat crop due to being too wet. 

  • They have planted 89% which is 7% below the 5-year average of 96%.

  • Ukraine could also have a smaller wheat crop due to lower plantings as well. 

  • One forecaster has them at 20 million tonnes, which is 2 million tonnes under USDA number.

  • So some lower productions for next year with an already tight balance sheet for major exporters.

  • And then add in Get It India, with 7-year low stocks and if they have a hot dry March – April period, hold on to your hats.

To read more, subscribe to Outlook Commodities Morning Commentary

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