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Grain Report Wednesday - 12th April

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)

Look Out!

  • Big news day yesterday, with Australia and China agreeing to move back in together for a period of 3 or 4 months to see if they can resolve their spat over barley.

  • I can see Penny Wong knocking on the door of the Chinese Cricket Team, Xi’s house.

  • “I’m just an export country, standing in front of an import country, asking him to love me.”

  • However, whilst they have agreed to move back in together, they will be sleeping in separate rooms as they try to mend the relationship.

  • Some commentators believe it's too late for this season to have an impact, as shipping stems are full and if it takes 3 – 4 months to make up, they may not be back in love until the August -September shipment period.

  • However, I think they might go out on a big night, swilling red wine and beer made from Aussie malt. After a few beers under the belt, who knows what might happen then?

  • Regarding full shipping stems, it’s amazing what money can do.

  • In other news, the USDA put out their Supply & Demand guess last night. It was not as exciting as the Penny Wong, China love story, but it still got some market attention.

  • Wheat: Slightly bullish with world stocks (excluding China), falling 2 million tonnes to 125 million tonnes, which came off India’s stocks. However, US wheat stocks increased by almost 1 million tonnes to 16.28 million tonnes, which saw some red dials on the market.

  • Corn: The jury is out, as US stocks are unchanged and the market expected them to be reduced, but world production (excluding China) dropped 3 million tonnes, which was all in Argie and world stocks (excluding China) down 1 million tonnes to 88 million tonnes.

  • Soybeans. A little bullish as world production dropped 5.5 million tonnes (excluding China) to 349.36 million tonnes. The major drop came from Argie, where the USDA dropped production 6 million tonnes to 37 million tonnes. Brazilian bean production was increased by 1 million tonnes to 154 million tonnes. However, the USDA also dropped soybean demand by 4.3 million tonnes, and so overall world ending stocks (excluding China) were off less than a million tonnes to 65 million tonnes.

  • It’s the next report the USDA puts out on the 12th of May that will include the 23/24 forecast which will be interesting, especially with wheat and the stocks held by major exporters.

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