Global arable market report as of June 24, 2024

Published 2024년 6월 24일

Tridge summary

The article provides an overview of the global agricultural market, with a focus on grains and oilseeds, particularly wheat, maize, barley, and rapeseed. It discusses the impact of weather conditions on crop yields, noting concerns in the Black Sea region and the US Midwest. Despite improved weather in Europe, extreme weather in the Northern Hemisphere continues to cause concerns. The article also covers the market trends, with prices for various futures and crops, and the impact of the Renewable Energy Directive II on the UK wheat market. It mentions the progress of planting and crop conditions in the US and Malaysia, and the effect of the dollar's strengthening and rainfall on the oilseed markets.

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

Original content

Northern Hemisphere weather is a key driver short term, with concerns in the Black Sea region and the US weighing against harvest pressure. Longer term, expectations of smaller crops in key exporting countries remain. Weather conditions in the Black Sea and US maize belt remain in focus. Longer term, there are still expectations of plentiful supplies, though this is dependent on favourable weather conditions in key development stages. Expectations of a yearly climb in global supplies persist. Barley prices are likely to continue to follow wider grains price movements. Global grain markets were pressured last week, on the back of improved weather and minimal changes to crop expectations in Europe and the Black Sea region. Harvest pressure across the Northern Hemisphere was a factor as well. Chicago wheat futures (Dec-24) closed at $220.35/t on Friday, down 7.8% on the week. Paris milling wheat futures (Dec-24) were down 4.6% over the same period, closing on Friday at €233.50/t. ...

Source: Ahdb