Australian grain market overview

Published 2024년 11월 11일

Tridge summary

Australian wheat prices saw an increase in October due to poor weather, but later fell due to competition from Argentine supplies and pressure from offshore futures. The harvest is gathering pace across the country, with yields being fairly good so far. North Asia is back in the milling wheat market due to lower prices in Canada and the US. China has started importing bulk wheat from Canada and Australia. Feed barley continues to trade with China despite talk of import controls. Market sources are discussing the potential impact of Donald Trump's presidency on the Asian wheat markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Oilworld