World: Arable market report on 29 January 2024

Published 2024년 1월 29일

Tridge summary

Global grain markets are experiencing pressure due to competition from the Black Sea region and concerns over maize conditions in Brazil. However, improved weather in Argentina and recent rains in Australia offer a better supply outlook. Meanwhile, the soyabean and rapeseed markets are under pressure due to increased supplies from the Brazilian harvest and South American rains, weak US export demand, and a shrinking pig herd in China. The euro's weakening against the US dollar has also impacted Paris rapeseed futures.

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

Original content

Short term, continued competition with Black Sea grain pressures European markets, though maize concerns could limit the extent. Early forecasts show potential for tighter global wheat stocks in 2024/25, which could support wheat prices relative to maize longer-term. Concern over growing conditions in Brazil offers some short-term support to maize. However, improved weather conditions in Argentina offers an improved supply outlook for the continent overall. Barley will continue to follow the direction of the wider grains market, though domestically, the price relationship to wheat is key to animal feed demand. Longer-term, new season barley supply prospects will be key to the price relationship to the grain market. Last week, there was a moderate disconnect between US and European markets. While Chicago wheat reported small gains on the week (Friday to Friday) supported by short covering, both UK and Paris wheat markets were down. European markets have been pressured by intense ...

Source: Ahdb