Feedgrain Focus: North softens to defy logic, south firms
Northern bids for wheat and barley have dropped by up to $15/t this week, despite production prospects for the region sliding as harvest nears.
Australian Grain Industry News
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Northern bids for wheat and barley have dropped by up to $15/t this week, despite production prospects for the region sliding as harvest nears.
Corn breaks out on yield disappointment and soybean follows. Wheat market worries itself higher on Black Sea disruption; buyers engage again with nearby Australian.
Australia exported 293,832t of canola in June, down 34pc from the May total, and taking taking shipments for the first nine months of the marketing year to 4.49Mt.
Offshore market broadly sells Ags. Iran and Black Sea macro risk remains elevated. ICE canola surrenders early strength.
WASDE foretells a more bullish market tone for corn than this time last year when its record US corn yield projection was a shock.
Dearer crude lifts the oilseed pits. New crop Aust business garners some grower engagement amid useful regional moisture.
KC HRW has market leadership Friday, weekly price gains 5 percent. Russian fob remains flat amid regional logistics woes. Australia eyes export demand.
Australia exported 859,475t of barley and 231,046t of sorghum in June, according to the latest ABS data.
European heat continues, storms track across US Corn Belt, and parts of Australia receiving too much rain. Middle East damage escalates and markets remain uncertain.
Time is up for some struggling wheat and barley crops on the Downs, while in the south, yield prospects for many crops are looking stellar after recent rain.