Global and Russian crop price analysis for August 9; soybean processors test the waters
Published 2024년 8월 10일
Tridge summary
The article provides an overview of the current situation and forecasts for the prices of key agricultural commodities in the Russian market, with a focus on wheat, barley, corn, and sunflower products. It highlights the factors contributing to the price trends, including export duties, domestic demand, international market conditions, and production forecasts.
Wheat prices are experiencing an upward trend due to reduced export duties and increased demand, with support from high tender activities and worsening European wheat production forecasts. However, the return of corn export duties and the start of its harvesting in Krasnodar Krai might impact corn purchase prices. High demand from international importers, especially Saudi Arabia, Iran, and North African countries, is driving barley prices, despite potential production decreases in Russia. Sunflower product prices are also influenced by international market dynamics, such as significant purchases by Egypt and Turkey, alongside potential support from tariff quotas and local producer obligations in Turkey.
Wheat prices are experiencing an upward trend due to reduced export duties and increased demand, with support from high tender activities and worsening European wheat production forecasts. However, the return of corn export duties and the start of its harvesting in Krasnodar Krai might impact corn purchase prices. High demand from international importers, especially Saudi Arabia, Iran, and North African countries, is driving barley prices, despite potential production decreases in Russia. Sunflower product prices are also influenced by international market dynamics, such as significant purchases by Egypt and Turkey, alongside potential support from tariff quotas and local producer obligations in Turkey.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The ongoing trend towards a reduction in the export duty on wheat supports prices for the crop, but the return of the rate on corn exports may affect its purchase prices. Barley is still in high demand among importers, and even the arrival of the new crop does not allow quotations to decline: the factor of reducing sown areas has worried the market. There is still a seasonal lull in the soybean segment, although processors have already begun to conduct test transactions, offering lower prices for the new crop. WHEAT World market Factors leading to price growth: Increased tender activity for purchases of the new crop: Algeria purchased 600-700 thousand tons, Egypt announced a tender for the supply of a record volume of 3.8 million tons in the period from October 2024 to April 2025. Worsening forecasts for European wheat production in the current season. The Strategie Grains agency has lowered its forecast for the gross soft wheat harvest in the EU by 4.2 million tons to 117.5 ...
Source: Zol
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