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Grain Report Wednesday - 13th September

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 up slightly.

  • Corn off and beans got smacked.

  • The USDA World Ag Supply and demand pull a number out of my hat report was released last night.

  • In summary, Bullish wheat, bearish corn and beans.

  • The Yanks knocked 6.3 million tonnes off world wheat production, with reductions to the Aussie, Canadian, Argie and EU wheat crops.

  • They have now adjusted the Aussie wheat crop to 26 million tonnes.

  • They kept the Ruskie crop at 85 million tonnes, which is under what other gurus forecast.

  • After all these reductions, they only dropped the stocks held by the major exporters by 1 million tonnes to 51.45 million tonnes. This was 59.56 million tonnes last year.

  • This number was fudged by reducing exports from the majors by 4 million tonnes, yet total world exports were only dropped by 2 million tonnes and world consumption was pretty much unchanged.

  • Irrespective of how they massage these numbers, the reduction in production by the majors and lower global ending stocks are supportive of world prices.

  • For corn, they increased 23/24 production by 1 million tonnes to 1.214 billion tonnes and world ending stocks to 314 million tonnes.

  • The big surprise was a slight increase in US corn production to 384.42 million tonnes when the market was expecting a decrease.

  • Once again, they fudged this number by reducing the actual corn yield, which the market expected, however at the same time they increased the area harvested by 800,000 acres; yeah right.

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