Analysis of harvest prices by September 15 in Russia, exporters are trying to cool the market

Published 2023년 9월 15일

Tridge summary

According to reports, there are various factors contributing to higher prices for wheat such as decreased global production forecasts in countries like Argentina and Australia, while factors leading to lower prices include increased production forecasts in the European Union and Canada. The Russian wheat market is also experiencing higher prices due to increased export forecasts, but lower prices are expected due to issues with shipments and sagging demand. As for barley, there is a surplus of supply relative to demand and current shipping capabilities, leading to lower prices, especially in deep-water ports. The corn market is also experiencing factors that contribute to both higher and lower prices, such as decreased crop conditions in the US and forecasts from the USDA.

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: According to the September report of the US Department of Agriculture (USDA), global wheat production in the 2023/24 season will decrease by 6 million tons - to 787 million tons; Analysts at the Argentine grain exchange Rosario lowered their forecast for the gross wheat harvest in Argentina in 2023/24 by 0.6 million tons to 15 million tons (12.6 million tons in 2022/23) due to dry conditions in the northern and western growing regions; Refinitiv Commodities Research has cut its forecast for Australian wheat production in the 2023/24 season by 1 million tonnes to 27 million tonnes (39.7 million tonnes in the 2022/23 season). Downward adjustments are due to dry weather conditions. Factors leading to lower prices: The Strategie Grains agency increased the forecast for the soft wheat harvest in the European Union in the 2023/24 season by 0.3 million tons - to 125 million tons (-300 thousand tons compared to the level of the 2022/23 ...

Source: Zol