The global arable market report on July 8, 2024

Crop harvests in the Northern Hemisphere are moving quickly, bringing new supplies onto the market. Expectation of smaller crops globally this year still persist however demand is also expected to remain high. The second maize harvest in Brazil and crop conditions in the US and the Black Sea remain key focus in the short term. More US acreage than expected (reported last week) remains a factor for markets as it suggests there will be plenty of global supplies in the longer term. Global barley supplies are expected to increase annually in 2024/25. Feed barley prices are projected to align with trends in the broader grains market, although harvest outcomes in key producing countries may also play a role. After declining prices through much of June, global wheat markets saw a gain last week (Friday-Friday), driven mainly by increase in US export demand, partly due to the rapid harvest. The Dec-24 Chicago wheat and Paris milling wheat contracts were up 2.8% and 1.5% respectively over ...