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Grain Report Wednesday - 21st February

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 rebounded last night with Chicago up AUD $12 and Kansas AUD $10.

  • Before we all get excited, nothing really changed in the world wheat supply and demand overnight, it was just the AI’s realising some profit in an oversold paper market. But something triggered the AI program. It's not the end of month and it’s not bonus time?  

  • Biden his time is expected to approve the inclusion of 15% ethanol in fuel for use 24 / 7, 365 days of the year.

  • Currently, in the US, you cannot use 15% ethanol-based fuel in the summer as it causes smog.  

  • Bullish for corn, well it increases demand so yes, but it won’t come in until 2025. Not sure why 2025 smog is less of a problem than 2024 smog. How dare you!

  • Little bit of corn demand is kicking in, with Indonesia chasing 500,000 tonnes and the Iranians are chasing 120,000 of corn, 120,000 of barley and 120,000 of soybean meal. The Philippines also just bought 228,000 of Soybean meal and Japan bought 155,000 of corn.

  • Why am I telling you this?

  • Well, apparently .........

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