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Grain Report Tuesday - 06th June

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!

  • Markets mixed last night with wheat and beans up, corn was off, which is surprising, as the corn belt needs some rain.

  • The ratings for the corn crop came out last night, and it dropped 5% in the 'good/excellent' rating from 69% to 65%.

  • The much-needed rain is forecast in the 7-10 day weather models, and if that starts to evaporate before it arrives, corn will be firmer.

  • I think on these ratings the USDA will have to reduce their original yield forecast of 180 bushels per acre, which will drive corn prices firmer.

  • Forecasters are also dropping the Canadian canola crop closer to 18 million tonnes, or 2 million below USDA figure.

  • It has been dry in Canada, putting some stress on crops.

  • The world production of canola, as per USDA is forecast at 87.1 million tonnes for 2023/24, which is pretty much the same production as last season.

  • This after we knock a few million off the Aussie crop, which is offset by increases in Canada, EU and China; or maybe not!

  • Me thinks the world crop might be a bit smaller, but I am sitting behind a desk in Victoria, so what would I know.

  • The Saudi’s bought 624,000 tonnes of 11.1% protein wheat for September – October shipment at USD $254.90 Red Sea and USD $266 Arabian Gulf.

  • This sale will most likely be all from Russia.

  • Interesting though, it looks like the Hokey Pokey minimum floor has been pushed out the window of a skyscraper.

  • ** sorry I have had to remove WA FIS and Track Easy Coast pricing comparisons based on this business, as this is for subscribers. I have also removed other parts of the report, that provide price direction and views**

  • And just after this business is done, Turkey have increased their ocean transit fee through the Bosphorus by approx. USD $4 per tonne, making freight from Black sea more expensive. Ouch, that just hurt the seller’s margin.

  • Also, once the Egyptians saw these numbers, they have called for a tender as well.

  • These are the concerns in the world commodity markets today; lack of rain for US corn, Argie still needs rain for the new season, hot dry weather concerns for Russian spring wheat, flooding and weather damage in China, Aussie El-Nino forecast, and now reports of Ukraine production may also be down on dry, hot weather concerns.

  • But all is good in the world and nothing to see, as a reporter stands in front of an Indian train wreck.

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