Analysis of world market prices by March 3: Russian soybeans are on the rise

Wheat

Soybean

Published Mar 4, 2023

Tridge summary

Downward factors in the domestic wheat market dominate fears about the fate of winter crops in the Russian Federation. World prices for it are also going down. Prices for sunflower and barley tend to decrease. Corn rises in price on the foreign market and has stabilized in price on the domestic market. Soybean feels the best: its prices in the South rose to 34.2 thousand rubles per ton without VAT over the week. Against the backdrop of demand for meal, there are reserves for growth in price.

Original content

WHEAT World market Factors leading to higher prices: Possible entry of India into the import market of wheat: the need to replenish stocks amid the negative impact of the weather on the future harvest in the country; The rhetoric around the “grain deal”: Russia may refuse to renew on current terms. Factors driving prices down: Improvement in US winter wheat amid growing snow cover; Consistent drawdown of prices on new tenders despite significant volumes of demand (in Turkey, Iran, etc.). Russian market Factors leading to higher prices: Growing concerns about the state of winter crops, despite positive assessments from the Hydrometeorological Center (the share of crops in good and excellent condition is more than 95%). Factors leading to lower prices: The decline in world prices and the increase in duties have a leading effect on domestic prices, despite the growth of the dollar; The quota mechanism limits demand from exporters, narrowing the list of potential buyers. Summary: ...

Source: Zol