Tridge summary
The Black Sea Initiative, which has supported wheat and maize prices, is not expected to be extended. However, global supply still looks to meet current demand, and the maize market in particular remains well supplied. The EU's barley outlook is tighter due to drought conditions in Spain, but barley prices are still influenced by the wider grains complex.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
News of the Black Sea Initiative likely not seeing an extension looks to support prices short term, though this situation continues to evolve. Longer term, global supply still looks to satisfy current demand. Though, Northern Hemisphere harvest will be watched closely, considering a more finely balanced global wheat S&D picture. Short term, US weather will be important for whether we see further cuts to US yield forecasts, as well as the impact of the Black Sea Initiative. Though the US area is large. Longer term, globally the maize market still looks to be well supplied to meet demand. The EU’s barley outlook is tighter for 2023/24, considering drought conditions in Spain. Though barley prices continue to follow the wider grains complex. Last week, global wheat and maize markets felt some support overall, closing higher Friday to Friday. Despite some mid-week losses after the release of the latest USDA World Agricultural Supply and Demand Estimates (WASDE) report, concerns over ...
Source: Ahdb
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