World: Grain market report on 13 March 2023

Published Mar 13, 2023

Tridge summary

The article provides an overview of the global grain and oilseed markets, focusing on the impact of the Black Sea grain deal, weather conditions, and production estimates. It highlights the pressure on prices from competitive Russian supplies, a bumper Australian harvest, and rains in the US, noting the volatility in futures markets due to the extension deadline of the grain deal. The article also mentions the impact of Argentinian crop concerns and weaker demand on prices, with specific attention to barley, wheat, maize, and soybean markets. Additionally, it discusses the effect of drought in Argentina and Brazil on soybean production, the shift in origin for global demand, and the support provided to soybean prices by the USDA's cut to Argentina's soybean crop. Furthermore, it touches on the expected relief from rains in Argentina, the decline in vegetable oil contracts, and the increase in Australia's canola crop estimate, attributed to the La Niña weather event.

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

Original content

In the short-term, optimism over the Black Sea grain deal will likely continue to weigh on prices, though markets will remain volatile with the extension deadline close. Rains in the US and cheap Russian supplies also pressure prices longer-term. Argentinian crop concerns remain a watchpoint, though rains are forecast over the next week. Weaker US demand and global export demand could see prices under pressure going forward long-term. Barley prices continue to follow the wider grains complex. Global grain markets lost more ground last week as optimism surrounding the Black Sea grain corridor grows. Competitive Russian exports, as well as a bumper Australian harvest and rains across US plains also put pressure on grain prices last week. However, futures markets are expected to remain volatile as we approach the 19 March deadline for the extension of the Black Sea Initiative (grain deal). Losses in maize markets were also limited by the ongoing drought in Argentina, leading to ...

Source: Ahdb