The global arable market report on February 26, 2024

Published 2024년 2월 26일

Tridge summary

Short-term pressure from competitive Black Sea supplies and a heavy maize output is expected to persist, while the EU wheat balance is projected to tighten in the long term. Global wheat markets saw support last week due to increased global purchasing, potential new US sanctions on Russia, and concerns over Northern Hemisphere weather. Meanwhile, South American harvest pressure and falling demand are weighing on soyabean markets, with prices continuing to drop. This pressure is also affecting rapeseed markets, despite uncertainty over EU crop conditions as spring approaches.

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

Original content

Short-term, pressure from competitive Black Sea supplies and a heavy maize output is expected to continue. Longer-term, the EU wheat balance is still expected to be tighter, and the focus is on the condition of planted crops. Improved weather in Argentina and fast paced plantings in Brazil weigh on prices short-term. Longer-term, expectations of heavy South American maize output will likely continue to weigh on prices. Barley prices largely track movements in the wider grains complex. Longer-term, the focus is currently on upcoming spring planting conditions with speculation over the size of next year’s crop. Global wheat markets were overall supported last week, due to increased global purchasing, potential new US sanctions on Russia and concerns over Northern Hemisphere weather. Chicago wheat futures (May-24) gained 1.8% across the week, closing on Friday at $209.05/t. Paris milling wheat futures (May-24) were up 0.6% over the same period, ending Friday’s session at €199.50/t. ...

Source: Ahdb