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Grain Report Tuesday - 29th August

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 off last night as nothing exciting happened in the world. Corn and beans were up on the back of hot weather; must be summer in the US?

  • Also, the market was expecting crop conditions ratings to drop after the Pro Farmer crop tour and reduced yields.

  • But the USDA only dropped corn conditions by 2% to 56% G/E and Beans only dropped 1% to 58% G/E.

  • The US Spring wheat crop is ordinary at 37% G/E (Good to excellent) compared to 68% this time last year. This crop is currently 54% harvested.

  • A poor US Spring wheat crop is good for Aussie protein wheats, although our premium protein producing regions in northern NSW and QLD are also doing it tough.

  • Get it India is forecast to experience its lowest levels rains since 1901.

  • This will impact on Rice crops, which India has already restricted, which will drive up wheat consumption in Asian markets.

  • The forecast for September is not great as El Nino moves in and sits down at the bar. This might impact on lentils which are planted in October.

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