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Grain Report Wednesday - 21st June

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!

  • Well, just like the Cockroaches performance tonight in the State of Origin match, the US markets were an absolute disappointment.

  • I was expecting some fireworks, but it was a fizzer. The futures markets were also a fizzer.

  • After the market close, the USDA released the crop conditions, dropping the corn crop Good to Excellent by 6% to 55%. The same time last year the corn crop was rated at 70% Good to excellent.

  • This is one of the lowest ratings for June in 30 years.

  • The market was expecting a drop of 3%.

  • More significantly, some of the major producing states were down the most, with Illinois down 12%, Iowa down 11% and Minnesota down 6%. These 3 states account for 42% of the corn production in the USA, and their conditions are not great.

  • The current conditions with the US corn crop is a pivotal time in the market and every weather forecast is being traded.

  • If they receive rain in the dry states, then the market will take a breath and come off.

  • Soybean conditions also dropped 5% to 54% Good to Excellent versus 68% for the same time last year.

  • US spring wheat was also down 9% to 51% Good to Excellent.

  • Also, Algeria bought a heap of Russian wheat over the last day, which was cheap, at USD $261.50 C&F which works back to around USD $238 FOB Black Sea, which is a bit firmer than some recent business.

  • Anyway, I don’t think the excitement is over just yet and I can’t wait for 2 things; the Cane Toads to take out the State of Origin shield and the market to open.

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