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Grain Report Tuesday - 12th 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!

  • Wheat markets got smacked last night, with Chicago off AUD $13 per tonne and Kansas off AUD $16 per tonne.

  • Aussie basis is now under AUD $5 per tonne, which is way too low given the size of our crop.

  • Corn was off slightly, and beans were up solidly on the back of more weather concerns for Brazil with dry conditions forecast for the Matto Gross area.  

  • This dry forecast could also impact the Brazilian corn crop, which the USDA thinks is a lot better than everyone else thinks, including my plumber mate next door.

  • He reckons it will be lucky to make 115 million tonnes, which is well under the USDA 129 million tonne guess.

  • That’s a big price driver if it eventuates as it will all come off their exports, which are forecast to be 55 million tonnes, so knock 15 million tonnes off that number, which has to be replaced from the USA.

  • Higher corn prices drive wheat prices higher.

To read more, subscribe to Outlook Commodities Morning Commentary

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