top of page

Grain Report Thursday - 1st February

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!

  • Wheat off last night, corn unchanged and beans up a smidge.

  • I am often asked by farming mates what the 2024 Aussie crop and S&D looks like.

  • I will then dust off the crystal ball and make my prediction.

  • This morning, through the haze, the following forecast came up; 20,24, 28, 4, 8, 15, 33.

  • I then looked at our S&D and for 2024. The Aussie crop is forecast to be around 28 million tonnes.

  • The carry-in figure is forecast to be around 4 million tonnes, consumption 8 million tonnes resulting in a stock to use ratio of around 15%.

  • If WA conditions improve, the potential for a 33 million tonne crop is on the cards.

  • If these numbers are correct, we could all probably retire.

  • Remember, gamble responsibly.

  • Markets have a bearish feel to them, which seems to be driven by demand, or lack thereof and not production potential production issues or lower stocks held by the majors.

  • The USDA are forecasting world exports to be 10 million tonnes less in the 23/24 marketing year.

  • My plumber mate is forecasting it to be more like 17 million tonnes.

  • One big driver is China, who we mentioned yesterday had a 5% drop in pig numbers and some economic issues, which could see their demand drop.

  • However, China is a wild card, and usually the opposite happens to what the market interprets. Maybe they want some cheaper wheat, corn and beans.

To read more, subscribe to Outlook Commodities Morning Commentary

CGX subscriptions

By subscribing to the Outlook Commodities Content you agree to CGX Subscriptions terms and conditions


CGX now own and operate the igrain market for grain stored on-farm

igrain logo

If you have any queries, we're always here to help!

Please give us a call or email if you have any questions.

Call 1800 000 410 or Email

12 views0 comments


Do you want to know more?
Subscribe to our newsletter.

Thanks for submitting!

bottom of page