Analysis of global crop prices by March 29: Prices are slowly but surely going up

Published 2024년 3월 30일

Tridge summary

The article highlights the dynamics of the agricultural market in Russia, focusing on the rising prices of wheat, corn, and sunflower oil due to various factors. Wheat prices are increasing for the second consecutive week, influenced by stronger world quotations, high demand, and negative crop forecasts in the EU, although positive harvest forecasts in the Black Sea region could mitigate this trend. Corn prices are also up, driven by higher demand and increased prices in the American and Brazilian markets. Sunflower oil prices are experiencing record demand, especially from India, despite the potential impact of the EU's plans to reduce palm oil imports and introduce protective import duties on vegetable meal. The stability of barley and sunflower prices in Russia, despite these global market fluctuations, is noteworthy.

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

Original content

Ruble exporter prices for wheat are rising for the second week in a row following the strengthening of world quotations. Demand for wheat from the Russian Federation remains at a high level; barley and corn are in demand among importers. Oilseed processors are awaiting a decision from the EU on the protective import duty on vegetable meal, which may call into question the increase in soybean acreage. Sunflower oil from the Russian Federation is in record demand in India and other countries, which supports the cost of raw materials. WHEAT World market Factors leading to higher prices: Negative crop forecasts in the European Union: production may fall by 4%. However, taking into account high carry-over stocks, the export potential will remain at the level of the 23/24 season. Saudi Arabia has announced the first tender in 2024 for the purchase of about 600 thousand tons of wheat. Factors leading to lower prices: Positive forecasts for the harvest in the Black Sea region against the ...

Source: Zol