Tridge summary
The article provides an overview of the global agricultural market, focusing on the impact of weather conditions and US data on wheat and maize prices. It highlights the effects of dry weather on crop planting and growth in the Black Sea region, Russia, Ukraine, Brazil, and the US, and the reduction in the EU's crop estimates, which tightens supplies and increases prices. The article also covers the market's reaction to these factors, including the support from China and stronger demand, the impact of Hurricane Helene on US soybean harvesting, and the potential strike at an Argentine port. Additionally, it discusses the rise in palm oil futures due to demand from India and supply concerns in major producing countries, and the predicted increase in EU rapeseed prices due to a deficit in the EU and global balance sheets of sunflower seeds, rapeseed, and vegetable oil.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
More dry weather forecast for the Black Sea could offer support in the days ahead, though tonight’s US data will also be important to sentiment. Tight global wheat supplies continue to offer some support to prices longer-term. US stock levels and weather are likely to influence market direction this week; larger than expected stocks could weigh, while smaller levels could support. The global outlook for the season remains one of sufficient supplies for now, though smaller EU crops and Brazilian weather cast some doubt. European supplies look tighter than previously forecast, but demand is key to price direction compared to other grains. Grain markets edged higher last week supported by short-covering, concerns about global supplies and a potential slowdown in wheat exports from the Black Sea. Over the week, speculative traders were reported as net buyers in Chicago wheat and maize futures last week (LSEG). This continues earlier short-covering, plus re-positioning ahead of the ...
Source: Ahdb
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