Analysis of global crop prices by October 20: Sunflower and soybeans sets a positive trend

Published 2023년 10월 20일

Tridge summary

Higher wheat prices can be attributed to factors such as a decrease in export potential for wheat from Kazakhstan due to crop failure, as well as competition among exporters for leading markets. On the other hand, lower wheat prices can be linked to intensive shipments by sea in Ukraine and higher supplies from the European Union to China. In terms of other crops, barley prices have remained steady with potential for increase, while corn prices have decreased but are expected to be supported by a reduction in export duty and growing export activity. Sunflower prices are rising due to increased import demand for vegetable oils, including from Russia, and competition between factories for raw materials.

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: Decrease in export potential for grain crops, primarily wheat from Kazakhstan against the backdrop of crop failure - up to 5 million tons, with an average export volume of 7-8 million tons. Up to 20% of the area under winter crops in Ukraine has not been sown relative to the planned indicators. Factors leading to lower prices: Intensive shipments by sea in Ukraine: more than 30 vessels have left the ports since September. Competition between the largest exporters for leading markets. The European Union has sharply increased supplies to China, including replacing volumes from Ukraine and Australia, while giving a high share of the Algerian market to Russia. Russian market Factors leading to higher prices: Significant reduction in export duty by 437 rubles per ton. Signing a large contract for the supply of grain to China - up to 70 million tons. This factor will have a long-term impact. Factors leading to lower prices: Slower ...

Source: Zol