World: Arable market report on 04 November 2024

Published Nov 4, 2024

Tridge summary

The article provides an overview of the global agricultural market, focusing on the impact of weather conditions, production forecasts, and export regulations on prices. It discusses the effects of increased rainfall in the US Plains and Midwest on prices, the impact of reduced Russian exports on long-term prices, and the balance between US export demand and harvest pressure. The article also covers the European Commission's reduction in its EU soft wheat and barley production estimates, the slow progress of winter barley planting in the EU, and the expected production levels of wheat in Argentina and soybeans in Brazil. Additionally, it mentions the mixed global grain prices last week, with minor decreases in Chicago wheat and corn futures, and a slight increase in Paris wheat futures, influenced by poor winter wheat conditions and limited price increases due to rain showers. Furthermore, it discusses the strengthening of the vegetable oils complex, the volatility of Paris rapeseed futures, and the significant increase in Malaysian palm oil futures, reaching a two-and-a-half-year high.

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

Original content

Forecasts of increased rainfall in the US Plains and Midwest could pressure prices in the short term. However, expectations of reduced Russian exports due to export restrictions and lower production this year could support prices in the long term. Strong US export demand is balanced by harvest pressure from the US and France, along with comfortable global supply forecasts. Slow winter barley planting progress in the EU is a longer-term concern. However, results from the Australian harvest, which is now underway, are being closely awaited with a range in forecasts. Global grain prices were mixed last week (Friday-Friday). Both Dec-24 Chicago wheat and maize futures fell 0.2% each, while Dec-24 Paris milling wheat futures rose by 0.1%. Prices were initially supported by a poor US winter wheat condition rating. However, rain showers in dry cropping areas of the US and Russia limited price increases. Last Monday (28 Oct), the USDA provided its initial assessment of US winter wheat ...

Source: Ahdb