Analysis of world crop prices by November 3: Demand for Russian corn is growing

Published Nov 4, 2023

Tridge summary

The wheat market is facing higher prices due to declining crop forecasts and export potential in Argentina and Australia, as well as increased risks and inspections affecting grain export shipments from Ukrainian ports. The Russian wheat market has seen higher prices due to reduced export duty and a record pace of shipments, while no significant factors leading to price reductions have been noted. In the longer term, wheat prices may increase as export potential decreases in the EU, Australia, and the US, and harvest potential decreases in Argentina.

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

Original content

WHEAT World market Factors leading to higher prices: Declining crop forecasts and export potential in Argentina and Australia. Weak grain export shipments from Ukrainian ports amid increased risks for ships, increased downtime due to inspections, problems with deliveries by river in the direction of the European Union countries. Factors leading to lower prices: The arrival of Australia's new crop on the world market, which will however have a short-term impact due to a sharp drop in productivity. Active deliveries will last 2–4 months. Russian market Factors leading to higher prices: Reduced export duty on wheat against the backdrop of stabilization of the exchange rate near 93 rubles per dollar. Record pace of shipments since the beginning of the season (more than 15 million tons) and a noticeable decrease in stocks/export potential compared to last season. Factors leading to price reductions: No significant factors noted. Summary: Purchasing prices in deep-sea ports decreased ...

Source: Zol