Australian grain market overview

Key Highlights According to Platts data from S&P Global Commodity Insights, Australian wheat prices were $262/t and $252/t for Australian Premium White and Australian Standard White on 30 October. The average estimates for APW and ASW FOB Kwinana were $264/t and $252/t in October, $3/t and $1/t above the September average respectively. Prices firmed mid-month on poor weather, although good early wheat crops, strong competition from Argentine supplies and pressure from offshore futures soon pushed prices lower. Market sources continue to monitor developments surrounding the strike by GrainCorp workers in New South Wales. Earlier talks on a wage package between GrainCorp and around 200 workers from the Australian Workers’ Union broke down, with strike action expected as early as 29 October. When approached by S&P Global Commodity Insights late last month, both sides expressed a desire to resume talks, although a date for a meeting had not yet been set at the time of writing. Rains ...