Grain Report Tuesday- 28th October
- Clear Grain Exchange
- 1 day ago
- 1 min read
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Australia’s independent grain report—designed to help support your pricing decisions before the market opens at 10:00am AEST. If you need to change your offer price, simply edit it before market open.
The CBOT soybean pit led the grain complex higher overnight as hopes strengthened that a substantial deal could be done for China to buy US beans.
Wheat had its best night in a while, but corn was a little more subdued as US farmers finalise the harvest of a record crop.
There was again market talk that Chinese buyers were asking for prices for EU wheat, although traders said Chinese interest was focused on white wheat, from exporters like Australia.
Rainfall will disrupt harvest across northern port zones and may shake out end user shorts and throw up some old crop pricing opportunities. Higher protein milling wheat bids have been firming and there is persistent talk of Chinese buying (which would move the needle for Australian basis/prices). Optimism around US/China trade talks has improved global grain market sentiment (nothing has changed fundamentally). A combination of the above three factors might give the trade a reason to be long Australian grain this week. Lentil pricing has improved $40/t to $646/t into Wimmera packers, while canola bids continue to gently firm.
For further market commentary please contact the CGX team on 1800 000 410
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