Grain Report Tuesday - 14th March

Our goal is to help growers and their agents determine the selling price for their grain by providing relevant price discovery each day. Check out the moves in overnight international markets and yesterday's actual traded prices across Australia. There's also market commentary giving context and comparisons to prices of international physical markets. If you need to change your offer price, simply edit it before market open.

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Look Out!

• Wheat and corn markets were up again last night.

• Beans and Matif canola falling to its lowest level since June 2021.

• Matif March canola has fallen EU $70 since mid-February, and EU $100 since the start of the year.

• At the start of the year, Matif canola was AUD $916 per tonne and last night it traded at AUD $779.

• Track values for canola are around AUD $700 East Coast and AUD $720 FIS (Free in Store) WA.

• The Ruskie’s have agreed to an export corridor extension but capped at 60 days, instead of 120 days, which the market thought was on the table.

• Ukraine has rejected this offer, and there is more to play out this week, but it does show that it is likely a corridor extension will proceed, with the worst case 60 days.

• Saudi booked 1.043 million tonnes of 11.1% milling wheat at USD $321.34 C&F (Cost & Freight) Arabian Gulf and USD $315.32 / USD $316.60 Red Sea.

• There was only 190,000 tonnes sold to the Arabian Gulf and the balance, 853,000 tonnes was sold to Red Sea ports.

• If this comes from Australia, it works back to a FIS WA price of AUD $418 for the Arabian Gulf business and AUD $408 for the Red Sea sales.

• The East Coast Track values work back to AUD $395 for Arabian Gulf and AUD $385 for Red Sea.

• Given our markets are trading higher than these export values, I don’t think this business will be executed from Australia.

• The prices paid by Saudi are around USD $60 lower than the purchases they made in mid-November last year.

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