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Grain Report Wednesday - 17th January

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!

  • Looks like Martin Luther King's Dreams were a nightmare last night, with wheat off strongly.

  • Corn was off a bit and soybeans up a notch.

  • The little Aussie dollar is off again, dropping 2.26 cents this year.

  • Each cent drop adds AUD $7 to your wheat price and AUD $11 to the canola price.

  • But this has not been reflected in the prices at all.

  • Argument will be world prices are softening.

  • Chicago wheat is off 46 cents a bushel since the start of the year, or AUD $14 once we adjust for FX changes.

  • If only the same argument was presented when Chicago rallies.

  • We are competing with Chicago crappy Soft Red Winter wheat into China, , which is what the CME wheat market reflects,

  • Soft Red wheat is trading around USD $250 FOB (Free on Board) range, give or take a few bucks.

  • Now the US wheat associates are quoting Panamax freight (which is the big boat) at $58 to Japan.

  • I have been using $55 from US Gulf to China at USD $55, so in the same ballpark.

  • Crappy Soft Red winter with a lower extraction rate and higher ash content, and don’t get me started on conditioning time, will land into China at USD $305.

  • Based on the best bid in the Geelong Zone this morning, I could land Aussie ASW into China at USD $285.

  • WTF, Shut up and take my money.

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