Global: Grain prices are recovering, and corn cheaper

Published 2024년 2월 2일

Tridge summary

The US economy has exceeded expectations with a 3.3% growth in Q4 2023, while the euro depreciates with no plans for interest rate cuts from the ECB. In the agricultural sector, grain prices are recovering with Western European wheat re-entering the export race, and despite harsh weather, Ukraine's winter grain crops remain unthreatened. Argentina anticipates higher harvest volumes next season, and Brazil's soybean exports to China have surged by 29%. Ukraine dominates the corn market, which sees falling prices due to an oversupply, while prices for wheat semolina pellets and soy hulls remain stable.

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

Original content

The American quarterly figures were announced yesterday. The US economy grew faster than expected in the fourth quarter. The Gross Domestic Product increased by 3.3 percent in 2023, while economists had predicted a growth of two percent. The euro continued to depreciate after the ECB policy meeting. European Central Bank President Christine Lagarde indicated that it is "premature to discuss interest rate cuts for the eurozone economy." The interest rate will not be reduced for the time being. At the time of writing, the EUR/USD rate is 1,824. After the publication of the USDA report two weeks ago, grain prices fell, but have now recovered to previous levels. The decline of the euro against the dollar helps to support grain prices. Western European wheat is back in the export race and is currently being exported extensively from France. The extreme weather conditions in Eastern Europe do pose a challenge to exporting wheat from Russia, with prices also falling after a decline on ...

Source: Melkveebedrijf