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Grain Report Tuesday - 6th February

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 off last night.

  • Corn is wearing the same clothes as yesterday, unchanged and beans up slightly.

  • My mum always told me, if you cannot say something nice, don’t say anything at all.

  • But times have changed because I can type.

  • Everything is looking good in the world with regards to world production apart from the EU, which may have lost some tonnes due to being too wet and cold in France and Germany.

  • But saying it is wet and cold in the EU over December is like saying it is warm in WA in January.

  • My old theory when someone says it’s too wet; you lose 10% but the yield in the other 90% goes up 10% because water makes crops.

  • The only wild cards out there to see a market spike is Get It India and South American corn,

  • We will know more about these 2 crops in March and April, but after that, come July – August, it’s hard to get excited about 2025 prices.

  • See what I did there; read between the lines.

  • Pencil in Hokey Pokey at USD $220 FOB (Free on Board) and Aussie APW wheat at USD $270 FOB or AUD $385 FIS (Free in Store) WA and AUD $360 Track East Coast.

  • Sorry mum, I had to say it.

  • Does that mean drop your pants and sell now.

  • Up to you, but sell at export parity, don’t drop your pants.

  • WA is setting the benchmark at USD $285 FOB or AUD $410 FIS WA for APW and knock off AUD $10 for ASW.

  • This means in Victoria, APW is worth AUD $380 Track and ASW AUD $370 Track.

  • This raises the questions, why on earth did we sell SFW to the Philippines last week at AUD $335 Track.

  • Which farmer hit that market? Hang your head in shame and go buy some cows and sheep and put the tractor back in the shed.

  • This wheat will come from the Mexicans, who must have been having a siesta and were asleep at the wheel.

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