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Grain Report Thursday - 24th October


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

Grains were up led by corn and soybeans which are attracting solid export demand.

 

Next 7-day forecast is for dryer weather across the US Plains.

 

Traders will be closely watching US weekly export sales tonight with ranges expected for wheat 350,000 to 650,000t, corn 2.2-3.3mt, soybeans 1.2-2.4mt.

 

Weather is improving across Russia but now US winter wheat areas are the focus of concern. The key trend is a delayed plant and sub-optimal moisture which normally shows up in reduced production or higher crop abandonment. Key take-away is we won’t be adding to wheat stocks anytime soon.

 

Canadian canola prices were supported at higher levels by thoughts its recently harvested crop will be below Stat Can’s estimates of 19mt, renewed buying activity by China ahead of any import restrictions and strength in the global veg oil market. Malaysian palm oil values set new contract highs overnight.

 

European rapeseed values were a tad weaker.

 

$A weaker at 66.27USc

 

BOM forecast is dryer with most rainfall east of major cropping areas. This should allow harvest to get into full swing in the next week.

 

ASX weaker at $326/t 

 

24/25 Best Bids 23/10

Wheat APW1 $372/t Kwinana (+2), $349/t Geelong (-3)

Feed barley $320/t Kwinana (n/c), $317/t Geelong (-2). VIC barley price has fallen $7/t this week are VIC barley crops better than expected, barley prices everywhere else have held firm.

Canola non-GM $842/t (+12), GM $750/t (+5) Kwinana, non-GM $780/t (+4) & GM $725/t Geelong (+3)

 

Clear Grain Exchange (CGX) Open Market Call

Should be firm with a weaker $A and higher futures but will we start seeing some harvest pressure?


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


 

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


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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 support@cgx.com.au

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