Grain Report Wednesday - 19th November
- Clear Grain Exchange
- 5 hours ago
- 1 min read
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Australia’s independent grain report—designed to help support your pricing decisions before the market opens at 10:00am AEST. If you need to change your offer price, simply edit it before market open.
Grains held onto gains after China purchased US beans in a largely political move which Trump desperately needed to shore up flagging support for his trade policy. Global speculative sellers will now be hesitant with the possibility of further large-scale purchases of other grains.
BOM forecasts are expanding for rain across the southern and eastern cropping belt over the next week.
$A got a boost from weaker US jobs data which has put US rate cuts back on the agenda. Markets are wary about the backlog of US data that is due. Nearby prospects for the $A could be driven by Nvidia results tonight which could guide short-term risk sentiment.
WA canola prices surged yesterday up $28/t to $840/t (non-GM) and $11/t to $696/t (GM) while most other local track prices were a touch firmer on the lift in international markets.
The prospect of Chinese buying has scared speculative shorts away and has put a floor under international values for now. Competitive Argentine wheat offers are capping rallies.
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