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Grain Report Tuesday - 01st August

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!

  • Now before we look at the markets, I woke up this morning to find the following email from Reuters in my inbox.

  • “LOOK OUT, Here Comes Oil”.

  • Yep, they have stolen my tag line.

  • Shut up and Take my money, is that the best a man can get?

  • Maybe their reporter should have a break and have a Kit Kat.

  • One would think they could produce their own catch phrase. I wish they would Just Do It.

  • Anyway, I have got that off my chest, let’s look at the markets.

  • Actually, let’s not, because they all got smacked last night, the sky is falling on our heads; sell the farm, it’s the worst year ever.

  • Yep, someone left the gates open at Jellystone National Park and Yogi and Boo Boo started trading commodity futures.

  • And to add some confusion to why the markets were sold off, US Spring wheat conditions dropped 7% to 42% good to excellent, which is also 28% lower than the same time last year.

  • Corn also dropped 2% to 55% good to excellent and bean conditions dropped 2% to 52% good to excellent.

  • So, the crops are not improving in the US.

  • That spring wheat rating is interesting as it also will reflect in the condition of the Canadian crop, which has been called 35 million tonnes in the last USDA I guess.

  • Most believe this is too high by more than a few million tonnes.

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