Heavy maize supplies are expected to continue putting pressure on prices in 2024 if the large Brazilian crop persists, and European barley prices are following the broader grains market. US wheat exports to China are at their highest level in a decade, but EU wheat demand is weak due to competitive Russian supplies. Additionally, focus is on new crop plantings and weather conditions in Europe. The global rapeseed market is influenced by the larger Australian harvest, while soyabean progress in South America and crude oil prices also impact prices, with a record soyabean crop forecast for Brazil.
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
Heavy maize supplies this season are still expected to weigh down on prices in 2024, subject to the Brazilian crop remaining large. Short-term, the market focus will be on export demand as well as Northern Hemisphere weather, new crop plantings and conditions. Brazilian weather remains in focus short-term. With a large Brazilian maize crop currently forecast, heavy global supplies are expected to pressure prices in 2024. Barley prices continue to follow the wider grains complex, with European new crop conditions in focus too. Global grain markets were supported last week, largely on the back of increased US export demand, as well as delays to Northern Hemisphere plantings. However, gains in European markets especially were capped by competitive Black Sea supplies and sluggish demand for EU wheat. Expectations of heavy maize supplies later in the season also remain, with further increases in global production in the latest USDA World Agricultural Supply and Demand Estimates ...
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