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Grain Report Tuesday - 5th December

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!

  • Kaboom, wheat markets up strongly again last night.

  • It's all happening. These markets are starting to build momentum. I can feel it in my waters.

  • Now, before I get to the real story overnight, I must mention A Bear in There released their stab in the dark crop report yesterday, calling the Aussie wheat crop 25.5 million tonnes, which is about the same as their September report.

  • Looks like that big October rain that had trade brokers calling it a 28 million tonnes bin busting wheat crop; sell, sell, sell, was probably a bit overstated and tried to panic the market.

  • They called the barley crop at 10.8 million tonnes which is up 300k and Canola at 5.5 million tonnes, which is up 400k from their last pick a number out of the hat.

  • The plumber next door reckons they are still too high on wheat and barley and maybe too conservative of canola.

  • Now back to the real story.

  • There is an old saying, don’t believe the numbers coming out of China, just follow what they do.

  • Their economy is against the ropes and their pig market is rolling in the mud and collapsing.

  • Yet they are on track to import record beans & corn, which goes against the rhetoric?

  • Maybe the Chinese Xi Cricket team is building stock reserves in case something escalates in Taiwan.

  • But they are also buying wheat like an unemployed couple who just received a Peter Costello baby bonus.

  • They just made their largest purchase of US Soft Red Winter wheat in over a decade. This is on top of the 1 million tonnes they have already bought off the Yanks.

  • Before this purchase, they had already bought 1 million tonnes of US wheat.

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