New harvests in both hemispheres put pressure on world wheat and corn prices

Published 2024년 7월 8일

Tridge summary

Global agricultural market insights for 2024-2025 highlight changes in key commodities such as wheat, corn, soy, and rice. Wheat prices are dropping due to robust harvests in the Northern Hemisphere, with some concerns about quality from EU's wet weather. Despite heatwaves, wheat production is slightly up, though trade volumes are expected to decrease due to reduced imports in India and Turkey. Corn trade is also projected to decline, largely due to lower exports from Russia, despite increased production in other countries. Soy trade is forecast to see a significant decrease, attributed to lower expected harvested areas in the EU and the US, despite a global increase in soybean use. Rice trade is also expected to decline, with China's imports hitting a 13-year low. Overall, grain stocks are expected to fall slightly from initial estimates, while soybean stocks are predicted to rise slightly above initial estimates.

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

Original content

Global wheat prices are falling under pressure from Northern Hemisphere crops. Southern Hemisphere crops are doing the same to corn prices, even as crops in Argentina and Brazil are likely to fall short of expectations. Exceptionally wet weather in parts of the European Union could raise concerns about wheat quality. May 2024 has been the twelfth consecutive month of record global temperatures. If this trend persists, there will likely be negative impacts on agriculture due to extreme heat, particularly if the heat occurs during periods of water stress or at key reproductive stages that determine final yields, according to the July AMIS bulletin. FAO agricultural information). Wheat Output in 2024 rose slightly on improved prospects in several countries, including China, India, Kazakhstan, Pakistan, Turkey and Ukraine, offsetting a downward revision in the Russian Federation. Trade in 2024/25 (July/June) was reduced due to lower forecast imports for India and Turkey, and lower ...

Source: Agrodigital