Global arable market report on October 28, 2024

The modest rise in Russian grain value offers support, however export prices remain competitive and therefore strong export pace continues. The forecast of more favourable weather also weighs on the market, but expectations of a smaller Russian 2025 wheat crop limits pressure. Strong US export sales and slow French harvest buoys the market despite the rapid US harvest pace and ample global supply. The balance of drivers seen in both the wheat and maize markets is likely to guide the direction of barley both short and longer term. While there had been mixed movements throughout the period, global wheat markets were pressured on the week while maize was supported (Friday – Friday). Considerable value was lost across the cereals complex on Friday (25 Oct) following a forecast of more favourable weather in key growing regions as well as the ongoing competitiveness of Russian wheat. In the US, 58% of the winter wheat crop was reported to be in drought condition (as at 22 Oct), the ...