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Grain Report Tuesday - 16th May

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)

Comments by Dominic

Look Out!

  • Like the Tigers season rebounding, the wheat market surged higher again last night?

  • Those ending wheat stocks in the major exporters are a stand-alone price driver, then add a dash of Black Sea tension and we are back into a stronger market again.

  • The Black Sea Corridor deal extension ends in 2 days’ time on the 18th of May, which will give Ukrainian exporters a long weekend.

  • What happens after it expires; if it does expire, as the Ukrainian foreign minister is confident Russia will extend for another 60 days, so they can continue discussions with the UN.

  • If there is no extension, then exports out of Ukraine will probably cease as there are no guarantees Russia will not safeguard vessels entering and leaving Ukraine.

  • It would be interesting if Hokey Pokey attacked a Turkish or Chinese owned vessel.

  • Anyway, enough of the Black Sea forecast, it’s like reading tea leaves.

  • How’s new crop basis, eh!

  • Unfortunately, I must stop there as I spend the next 10 minutes going over the 23/24 Aussie wheat crop forecast looking at statistics versus “market sentiment and soil profiles” and what this all means to prices and basis.

  • But as you are not really that interested in new crop prices, like my subscribers, I do not wish to bore you with all that data analysis and forecasting stuff.

  • You will also miss my Goodyear Tyre joke, a classic.

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