Grain Report

Dairy Australia generates a grain report to help farmers make more informed decisions when buying grain. The grain report is updated 40 times per year and provides an independent and timely assessment of grain markets in each dairy region.

Grain prices by location

Select a location to view the grain price:

International and national summary

National background comments: report for the week ending 1 July 2022.

The next update will be on Friday 8 July 2022. Direct links to reports on each dairy region immediately follow this international and national summary for grain.

Driving Prices Up

• US corn and soybean futures have found some price support amid concerns that high temperatures in the US Midwest may begin to impact plant growth alongside low soil moisture.

Driving Prices Down

• The International Grains Council (IGC) have increased worldwide grain production estimates by 4 million mt to 2,255 million mt for the 2022/23 season, wheat output for 2022/23 was unchanged at 769 million mt.
• The United States Department of Agriculture (USDA) crop progress report for the week ending 26 June has indicated that winter wheat harvest has accelerated while corn and soybean crop development has continued at pace.
• The European Union’s (EU) crop monitoring report has increased its forecast for the upcoming Russian wheat crop production to a record 88.8 million mt due to a higher planted area. This is a 16% increase on last year and 11% above the five-year average.

Global Trade News

• Taiwanese feed makers MFIG and Flour Millers’ Association (FMA) have purchased 55,000 mt of corn and 40,000 of wheat at $355.53/mt CFR and at $400.13/mt FOB respectively.
• South Korea’s Major Feed Mills Group (MFG), has booked 136,000 mt of optional origin corn from Olam at price $349.99/mt.
• Dry bulk freight rates have moved lower over the past week as falling steel demand in China and weakening global economic sentiment weighed on iron ore shipments.

Local News

• It is likely that strong export demand for Australian grain will continue throughout 2022 and into 2023, soaking up a significant volume of grain harvested this season.
• A foot-and-mouth disease outbreak in Indonesia is causing chaos for Australia’s live export industry with more than 200,000 cases recorded in Indonesia so far.
• Queensland is expected to see increasing rain over the next week which may put an end to hopes of a late winter plant for some growers.

Price change in table below reflects moves since previous report (24 June 2022)

All Location Grain Prices