Global arable market report for May 15, 2023

The article provides an overview of the global agricultural market, focusing on grains and oilseeds, as the expiry of the Black Sea Initiative and smaller US crop forecast influence short-term trends. Long-term, ample supplies, including Black Sea supplies and larger global ending stocks, are expected to weigh on prices, with demand being a key factor to watch. The renewal of the Black Sea Initiative is crucial for Ukraine's maize availability. Global barley prices are influenced by larger feed grain supplies for the new season. Global wheat markets experienced pressure last week due to improved US weather, slow export sales, and ample Black Sea supplies, with volatility expected as the initiative's renewal approaches. The article also discusses the UK's trade data, which shows increases in wheat, barley, and oat exports, and maize imports. It concludes by mentioning the forecast of a record US soybean crop for the 2023/24 marketing year, which may indicate a more bearish outlook for oilseeds.