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Grain Report Wednesday - 30th August

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!

  • The US futures markets are a joke, a bit like Albo wearing a Rio Tinto Shirt he stole from some other miner called Anthony.

  • He should have signed a copy and sent it to Adam Bandt.

  • All commodities were off last night, whilst at the same time, StatsCan dropped the Canadian wheat crop to 29.5 million tonnes.

  • The USDA guess for this crop is 33 million tonnes.

  • They also dropped the barley crop to 7.9 million tonnes versus the USDA at 9.2 million tonnes.

  • And the canola crop was forecast to be 17.6 million tonnes versus the USDA guess at 19 million tonnes.

  • All these numbers are bullish world prices, so ignore what is happening on the paper trade.

  • The commentators are citing a lack of demand is driving markets lower.

  • The USDA has world consumption up 2 million tonnes this year to 796 million tonnes and the international grains council has world consumption up 9 million tonnes to 804 million tonnes.

  • However, whilst the world consumption is up, imports for the 23/24 season are forecast to fall 9 million tonnes to 209 million tonnes.

  • So, we will eat more, but countries that need to import wheat will carry less stocks.

To read more, subscribe to Outlook Commodities Morning Commentary

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