Grain Report Tuesday - 5th November
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.
Grains were similar under the same influences.
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USDA reporting solid export business for corn and beans but disappointing inspections for US wheat.
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Widespread heavy falls across eastern US wheat growing areas with more in the forecast hitting areas a little further west that missed out over the weekend. Southern Russian forecast looks dry.
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Egypt is tendering for wheat for the first time since August in a sign that all is not well with the Russian supply deal. Probably didn’t help that the Russian Government announced it was fixing/controlling prices weeks after signing the deal.
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Canola consolidated at higher levels as a lack of grower selling and solid export pace underpinned prices.
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Graincorp receivals have more than doubled in a week to 3.4mt with protein levels falling as harvest moves south.
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CBH has received a total of 2.1mt across the CBH network, 1.6mt in the past week with high screenings stacks opened in some Kwinana North sites.
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Local bids have flatlined for wheat and barley with a lack of grower selling warding off harvest pressure. Chickpeas have found a level around mid to high $800’s/t, while Canola basis is easing on grower selling?
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$A has been remarkably stable at just under 66USc as confidence around a Trump Presidency wanes. I’m expecting some volatility to the downside on Wednesday unless it’s a Harris landslide but even then, there might be a bit of chaos and uncertainty. Markets do not like uncertainty.
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BOM forecast is wetter for western parts of SA and NSW and southern QLD under the influence of a low-pressure trough coming from the north-west. These systems can be difficult to forecast.
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24/25 Best Bids 4/11
Wheat APW1 $371/t Kwinana (-3), $340/t Geelong (-4)
Feed barley $320/t Kwinana (-1), $315/t Geelong (n/c)
Canola non-GM $845/t (-18) & GM $750/t (-20) Kwinana, non-GM $794/t (-15) & GM $733/t Geelong (-20)
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Clear Grain Exchange (CGX) Open Market Call
Slightly weaker. Zardozi in the Cup, down in the weights with a good draw.
For further market commentary please contact the CGX team on 1800 000 410
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