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Grain Report Wednesday - 05th July

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!

  • US markets closed for Independence day, so the world walks around scratching its head wondering what to do.

  • The European market was slightly firmer, but nothing that exciting.

  • The German wheat crop has dropped in production due the hot dry finish.

  • The European Commission lowered its soft wheat production by 2.7 million tonnes and dropped 0.6 million off its Canola crop.

  • We already have the big crops pencilled in, and it doesn’t appear they are getting bigger; in fact, we are knocking off 1 million tonne here and 1 million tonnes there.

  • That US crop might also be 1 million tonne or 2 overstated, with spring wheat conditions dropping and not much rain in the forecast.

  • Also, the Ruskies have been pumping the wheat out, with IKAR raising its forecast of wheat exports to 47.7 million tonnes and their ending stocks at 16.3 million tonnes, which is 1.3 million lower than USDA guess.

  • I keep repeating myself, these adjustments all come off the stocks held by the major exporters, which is already tighter than last year.

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