Global arable market report as of 27 November 2023
Market & Price Trends
Published Nov 28, 2023
The potential for high global maize supplies is important for market sentiment for wheat. The large forecast Brazilian maize crops will contribute to a predicted global grain surplus in 2023/24, keeping a bearish tone to markets. The market is still dominated by Brazilian weather, with concerns over hot and dry conditions affecting soyabean and maize crops.
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.
Still very much a watch and see situation for maize in the short-term. The large forecast Brazilian maize crops are key to the predicted global grain surplus in 2023/24, and if realised, will keep a bearish tone to markets into 2024. Barley prices continue to follow wider grain complex for now, with the price relationship to other grains an important influence on animal feed demand this season. It was a mixed week for global grain prices last week, as US markets closed on Thursday for Thanksgiving and shifting exchange rates. Generally, US futures lifted in the run up to Thursday’s US holiday, on Brazilian weather concerns and re-positioning by speculative traders (LSEG). But both Chicago maize and wheat futures dropped back on Friday to end the week mostly unchanged. US wheat export sales remain sluggish, while rain was forecast for Brazil weighing on maize as traders again re-positioned. Meanwhile, European wheat futures fell Friday-Friday due to worries about ongoing ...