Crop conditions impact global grain prices

Published Apr 13, 2024

Tridge summary

In 2024, global grain prices have seen a decrease due to expected reasonable crop yields from major exporting countries, influenced by the spring weather conditions in the northern hemisphere. The USDA highlighted a decrease in corn plantings and reported a 56% good-to-excellent rating for the US winter wheat crop, marking an improvement from the previous year. However, crop conditions in France and parts of Europe are mixed due to varying weather conditions. The future of grain prices remains uncertain, hinging on forthcoming weather and crop condition reports, with tight global grain stocks and potential for price hikes if adverse weather impacts crops or if the conflict in Ukraine worsens. Meanwhile, in Australia, grain prices are improving as buyers seek coverage and growers maintain their price targets.
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.

Original content

Global grain prices have pushed lower in 2024 on the expectation of reasonable crop production from the major exporting countries. The coming months will determine if this eventuates. The northern hemisphere spring is taking shape and grain markets have been yearning for some information around how weather and crop conditions develop. Winter wheat crops have emerged or are emerging from dormancy, and spring crops such as corn, soybeans, spring wheat, barley, pulses, and oats are still to be planted. This means weather conditions between now and June will have a significant bearing on global supplies and prices, which impacts Australian prices. At the end of March, the United States Department of Agriculture released its estimates on US crop plantings with corn below market expectations and down 5 per cent year-on-year. More crop reports in the world's major exporters are being released, as analysts provide an indication on what they think will get planted and the condition crops ...
Source: Farmweekly
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.