Global arable market report as of July 29, 2024

Published Jul 29, 2024

Tridge summary

Despite poor harvests in Europe, rapid progress in the US and competitive Black Sea exports may stabilize long-term prices amid high consumption. Short-term focus is on US maize belt and Black Sea crop conditions. Improved EU yields and higher feed barley demand could keep prices steady, while global wheat futures fell due to better US crop prospects and Black Sea competition. Russian wheat forecasts increased slightly, and the US winter wheat harvest is ahead of schedule. EU crop yield forecasts were reduced due to extreme weather, except for spring barley. UK feed wheat prices followed global trends down. Vegetable oils and rapeseed markets are influenced by US weather and Chinese demand, with long-term ample global supplies expected to keep prices stable. Global oilseed markets saw mixed movements; Chicago soyabeans futures rose due to US political developments and weather concerns, while Paris rapeseed futures fell due to lower yields and competitive palm oil prices. Chinese demand for South American soyabeans affected US export prospects, and Malaysian palm oil futures dropped due to increased production and weaker demand. Brent crude oil prices also fell, and the European Commission revised down rapeseed yield forecasts due to adverse weather.

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

Original content

Poor harvest results so far in Europe are balanced out with rapid harvest progress in the US and competitive Black Sea exports. Expectation of improved production in the Northern hemisphere could help steady prices long-term, despite the high consumption levels. In the short-term, focus is on crop conditions in the US maize belt and the Black Sea region. The long-term expectation of ample global production is balanced by ongoing weather concerns. Higher yield results in the EU is adding to expectations of increased global supply. Though higher demand for feed barley coupled with weather concerns in the Black Sea and parts of Europe could keep prices steady in the long-term. Global wheat futures were generally pressured last week (Friday-Friday). Monday’s early rally driven by concerns over EU and Russian harvests, quickly faded. Prices were weighed on by improved crop prospects in the US, and competitive Black Sea exports. Chicago wheat (Dec-24) and Paris milling wheat (Dec-24) ...

Source: Ahdb