Grain Report Thursday - 17th October

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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.

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Wheat and corn rose for no apparent reason, but soybeans fell on rain forecast for Brazil.

US squared away some corn export business to Mexico and it has rained in Russia (2-3 inches across central and southern) and rain is forecast for Mato Grosso region of Brazil. This will allow further planting progress, but they are behind the optimal planting window.

UAC, a leading Ukrainian farm producers union, said Ukrainian wheat prices were rising due to lower supplies out of the EU and tight global supplies. Ukraine has exported around 7mt so far out of a projected 16mt and says a deal has been struck between the Government and farming associations to limit exports to ensure enough domestic supply.

Argentina says dry weather due to cold winds from Antarctica is expected to persist into the wheat harvest. Its corn belt received welcome rain over the weekend, but planting has been delayed.

US farmers remain reluctant wheat sellers at current values.

The Indian Gov’t has raised the purchase price for wheat by 6.6% to encourage production to replenish stocks and to shore up the farmer voting bloc. The Indian Government continues to resist calls to remove the 40% import tax as it is seen as anti-farmer. A change in Indian policy would shift the needle on global wheat prices.

Canola prices held, despite weakness in the oilseed complex. European soybean and rapeseed imports were up by 8% & 12% so far for the 24/25 marketing year starting in July with Australia and Ukraine the dominant exporters.

$A softer at 66.6USc as weakness in US & European equity markets plus falling commodity prices provided headwinds for the risk sensitive currency.

A trough delivered patchy rain of 15-50mm through western NSW yesterday. BOM 8-day forecast is turning wetter for central & southern NSW and VIC with lighter falls for SA and nth NSW and south coast WA.

ASX no trades bid/offer 328/333

24/25 Best Bids 16/10

Wheat APW1 $375/t Kwinana (n/c), $356/t Geelong (n/c)

Feed barley $321/t Kwinana (n/c), $324/t Geelong (n/c)

Canola non-GM $805/t (n/c) & GM $731/t (-2) Kwinana, non-GM $747/t (-16) & GM $693/t Geelong (-15)

Clear Grain Exchange (CGX) Open Market Call

Southern port pricing stronger, steady elsewhere.

For further market commentary please contact the CGX team on 1800 000 410

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