Grain Report Thursday - 31st 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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Modest gains across grains as demand keeps ticking over.

Forecast is a little dryer for southern Russia but remains wet for US wheat growing areas and Sth America.

SovEcon estimates Russian 24/25 wheat exports are expected to be 45.9mt, down 1.7mt from the previous estimate.

We are looking for US weekly wheat exports at 300,000-600,000t

USDA reported private soybean export sales of 132,000mt to China, with another 132,000mt to unknown destinations for 2024/25. Traders are expecting weekly soybean exports to be in the range 1.6-2.8mt. USDA reported corn private sales of 270,000t while traders expect weekly exports in the range of 1.8-3.5mt. US export demand shows its prices are competitive and that there may not be the supply outside of the US that USDA is suggesting.

Canola was lower in Canada but higher in Europe. For the year so far, European oilseed imports have increased by 1% for soybeans, 5% canola and 52% sunseed (on small tonnages).

EU exports of milling wheat are down by 30% so far for 24/25 on lower supplies and lack of competitiveness with Black Sea origin wheat

CBH reports that WA harvest has commenced across all zones, a little later than normal and CBH expects pace to pick up with hot weather forecast to bring crops in. Around 1,270,000t has been received to date mostly across Kwinana, Geraldton and Esperance port zones. Harvest has started in VIC/SA.

$A lower at 65.8USc despite weaker US jobs data and a stubborn local inflation read, must be trading US election polls.

BOM mid to high 30’s across WA today and across much of east coast for the next week will see harvest progress rapidly.

ASX traded at $330/t yesterday.

24/25 Best Bids 30/10

Wheat APW1 $372/t Kwinana (+4), $343/t Geelong (n/c)

Feed barley $321/t Kwinana (+1), $315/t Geelong (-1)

Canola non-GM $851/t (+10) & GM $750/t (+5) Kwinana, non-GM $795/t (+12) & GM $745/t Geelong (+17)

Clear Grain Exchange (CGX) Open Market Call

Firm. GM canola maybe lower on Canadian lead.

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

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

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