Global: Why corn, soybeans and wheat prices are crashing

Published 2024년 9월 10일

Tridge summary

Despite the ongoing war in Ukraine, market prices for strategic commodities like corn, wheat, and soybeans are falling. Ukraine has managed to exceed its 2023 grain export targets by focusing on agriculture in the western regions and establishing new export routes. The USDA forecasts higher global corn production for the 2024/2025 season, led by Ukraine and the United States. Global wheat production is also expected to rise, although Russian output will decline due to frost damage. While U.S. soybean production is predicted to decrease, global production will increase thanks to strong harvests in China and Brazil.

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

Original content

Market prices of strategic commodities such as corn, wheat, and soybeans are plummeting, even as the war in Ukraine has intensified. Despite the Black Sea Grain Deal having ended, the two countries are still exporting significant amounts of grain. According to Invezz analysis, recent data showed that Ukraine is exporting over 5 million tons of grain per month, which is more than what it exported in 2023. Ukraine has achieved this success by focusing on agriculture in the western part and establishing new routes. In a recent statement, the United States Department of Agriculture (USDA) announced that Ukraine’s corn exports will continue to increase this year. Global Abundance The decline in commodity prices is due to the fact that we are living in an era of abundance in the agricultural sector. According to USDA, global corn production for the 2024/2025 season is expected to be 1.2 million tons, which is higher than previously expected. Total production is forecast to be 1.52 ...

Source: Ilnuovoagricoltore