Reid Stockfeeds Commodities Update

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1.   Are the current values of CBOT WHT and Corn at reasonable lows?

    • Market intel says yes
    • Has the market factored in;
        • Corn @ 370c/bu DEC (US prod est. @ 356 million tonnes).
        • WHT @ 554 c/bu DEC

2.   What will impact be to Australian domestic prices?

    • Grain quality key to solid exports
        • Russian wheat quality questionable
        • European quality variable
        • Black sea conflict?
    • Domestic influences on export flow;
        • Dry in north continues. Prices for delivered domestic zones in the south are reasonable value.
        • Pull of stock north from Port Kembla zone shouldn’t affect stocks in the south.
    • Domestic supply & demand in south seems more visible in last three weeks. Many enquiries coming through (a number with large volume).
        • F1 available in Wimmera/WS, wheat lower central Vic/Wimmera and WD (some farmers ringing through with 500-1000 tonne parcels).

Wheat

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