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Grain Report Tuesday- 10th 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

Look Out!

  • Wheat was up last night whilst corn and beans were off slightly.

  • Canola was basically unchanged.

  • The market is correlating a spike in oil prices due to the Israeli war declaration on Palestine as supportive to vegetable oil due to its inclusion in biofuels, soybean oil futures were off last night.

  • The overall oilseed complex looks heavy with larger South American bean crops forecast for 23/24 and ending stocks increasing by 16 % to 119million tonnes.

  • The dryness in Argie is not only impacting on their wheat crop production, but may also change the planting intentions of corn, where they might swap to beans as it’s a later planted crop.

  • The weather in Argie “should” improve as the formation of an El-Nino weather system will bring more rain.

  • It will also bring more rain to southern Brazil but could result in the main corn regions in the Mato Grosso regions receiving less rain, impacting on corn production. It will also impact bean production, but this should be offset by higher bean production in Southern Brazil. Lots to watch in South America over the next few months.

  • The wheat crop in Kazakhstan is now forecast to be just over 12 million tonnes. The USDA has "Stan" pencilled in for 15 million tonnes.

  • Stan makes up the 8 major exporters in the world.

  • The USDA has Canada in at 31 million tonnes, which according to other forecast is 1 million too high.

  • They also have Australia pencilled in at 26 million tonnes, which is 2 million too high and Argie at 16.5 million tonnes, which is 1.5 million too high.

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