Flexi Grain’s Export program at T-Ports’ Lucky Bay & Wallaroo is closing 29th February. Some export capacity remains available for all grades of wheat and barley*.

*Growers wanting to contract wheat and/or barley into these programs will need to confirm availability with me. 

Market liquidity remains very limited in both these sites.

Estimated Global Values ex SA Ports as at 27/2/2024*
 Lucky Bay/Pt LincolnWallaroo/Pt AdelaideThevenard
APW1$365$365$345
ASW1-$10-$10-$10
H1$395$395$375
H2$375$375 $355
BAR1$315$315$295
MALT+$20+$20+$20

*The above values are an indication of the current international value. Until export sales are finalised, the Flexi Grain pool has market movement risk, up until the point of selling the physical grain. Management and carry cost will need to be deducted from the sale price. Flexi Grain is hedging futures and currency to manage risk.

Flexi Grain SA Strategy Notes 27/2/24

Global cash and futures markets remain soft with CBOT corn futures finding new lows. According to Bloomberg, the combined net short positions of hedge funds in CBOT corn, wheat and soybean futures have increased for an eighth consecutive week, culminating in a huge combined net short position not seen in more than 18 years.

Russian and Black Sea wheat prices remain very aggressive but may be starting to stabilise. Current Australian east coast feed wheat prices are buying demand with 300,000 tonnes of ASW1 wheat  sold into the Philippines last week. 

Chinese traders have returned from Lunar new year celebrations and resumed their active buying of wheat and barley both bulk and containerised. Strong bulk barley enquiry for both Australian and French origins has been reported. The local chinese corn market (Dalian) continues to strengthen since its lows in late January.

The MLA’s latest feedlot survey (December quarter) has revealed an increase in cattle on feed to nearly 1.3 million head, a record high. This will keep pressure on the local barley balance sheet considering the strong Chinese export pace to date.

  • Call Sam Grieve 0400 688 515 for more details or to contract grain.