Analysis of crop prices as of September 29 in Russia

Published 2023년 9월 30일

Tridge summary

The text discusses factors influencing wheat, barley, and corn prices in the world market. For wheat, factors that could lead to higher prices include decreased production in Australia and reduced production area in Argentina. In contrast, a decrease in demand from importers and sufficient domestic supplies could lead to lower wheat prices. For barley, a decrease in production area in Argentina and congestion at ports contribute to decreasing prices. Corn prices, on the other hand, are not significantly impacted by any specific factors, but an increase in corn crops in good/excellent condition and raised production forecasts in the EU could lead to lower prices.

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

Original content

WHEAT World market Factors leading to higher prices: Morocco's State Agency for Grains (ONICL) announced a subsidy for the import of 2 million tons of wheat from October 1 to December 31, 2023. According to StoneX forecasts, in the 2023/24 season, wheat production in Australia will decrease to 24 million tons (-40% compared to the 2022/23 season). Refinitiv Commodities Research also cut its forecast for Australian wheat production by 2.2 million tons to 24.8 million tons (39.7 million tons in the 2022/23 season). Downward adjustments are due to dry weather conditions. According to forecasts from the Ministry of Agriculture of Argentina, the area under wheat in the 2023/24 season will be reduced to 5.6 million hectares (-300 thousand hectares compared to the same period last year). Factors leading to a decrease in prices: A general decrease in demand from grain importers against the backdrop of fairly high stocks from last season and due to active purchases in July-August. This ...

Source: Zol