Tridge summary
Global wheat stock forecasts are expected to increase, which could put downward pressure on wheat prices relative to corn. However, weather conditions remain a concern for maize crops in the Northern Hemisphere. Reduced global barley prospects could support feed barley prices. US wheat prices have fallen as harvest progresses, and global maize stocks are expected to be sufficient to cover demand in 2024/25. However, concerns about quality and yields are rising as winter barley harvests advance. UK feed wheat futures also fell last week. Improved soybean and rapeseed crop conditions are putting downward pressure on oilseed prices, but the market remains supported by a tight global balance. The US soybean crop is developing faster than the five-year average, and palm oil stocks have reached a four-month high due to a greater decline in exports than production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Improved global wheat stock forecasts could start to pressure the grain’s price premium over maize. Plus, unless yield results deteriorate as global wheat harvests progress, prices could come under pressure as confidence in estimates grows. Global maize crops are projected to be enough to cover expected demand in 2024/25. However, weather conditions remain in focus as maize crops across the Northern Hemisphere go through their critical yield forming stages. Reduced global barley prospects could support feed barley prices relative to other grains looking ahead. Crop fortunes, including harvest results, and demand levels need to be watched closely. Wheat prices fell last week as harvests progressed across the Northern Hemisphere, including in the US and Black Sea regions, and the USDA increased its global crop estimate. The USDA added 5.4 Mt to its 2024/25 global wheat production estimate, now 796.2 Mt. The larger US area and better yields boosted US output by 3.6 Mt, but there were ...
Source: Ahdb
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