Russia: Analysis of crop prices by March 7, wheat has strengthened in price

Wheat

Soybean

Published Mar 8, 2024

Tridge summary

The prices for 4th grade wheat with 12.5% protein have risen due to high export shipments, while barley quotes have corrected relative to wheat. Corn prices are influenced by global market conditions, with Russian exports seeing support from Iranian demand. Sunflower reserves are currently stable, but may show positive dynamics in the future. However, sunflower prices are cautiously declining due to weakening oil and meal prices, influenced by global market trends, increased imports in India, supply issues from Argentina, and rising oil prices. In Russia, sunflower meal prices have also decreased due to low FOB prices and high processing rates.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Prices for 4th grade wheat with 12.5% protein increased due to high rates of export shipments. Barley quotes, which have been growing over the past few weeks, have corrected relative to wheat. Corn continues to be influenced by global market conditions, although Russian exports are supported by demand from Iran. Sunflower reserves allow processors to feel comfortable in the current price range, but in the future the market may show positive dynamics. WHEAT World market Factors leading to price increases: No significant factors noted. Factors leading to lower prices: The results of Algeria’s large purchase at the tender: over 800 thousand tons for delivery in June 2024 forms the price level for the new crop - $195 per ton FOB Novo. Jordan continues to negotiate in the range of $195-200 per ton. Bearish expectations from the US Department of Agriculture (USDA) report - estimates of wheat reserves in the US and the world may be increased. Russian market Factors leading to higher ...

Source: Zol