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Wheat
Grains, Cereal & Legumes
Market & Price Trends
Published Mar 28, 2024
Tridge summary
Agricultural sector operators are on edge as they await two crucial reports from the American Department of Agriculture, which will shed light on farmers' crop rotation forecasts and the current state of American stocks, with a particular focus on corn, wheat, and soybeans. These reports are highly anticipated due to expectations of a shift in planting preferences towards wheat and soybeans, driven by the latter's higher profitability compared to corn. The outcome of these reports, expected after the Easter holiday, is predicted to significantly influence market trends. Meanwhile, grain prices have remained relatively stable despite geopolitical tensions and climatic challenges, including disruptions in Black Sea port operations and adverse weather conditions in Russia and Western Europe, which are affecting cereal production.
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
Caution was required among operators before the publication on Thursday of two highly anticipated reports from the American Department of Agriculture, the first on farmers' crop rotation forecasts, the second on the state of American stocks. These reports are important because they draw a first outline of the new campaign and the new balances between agricultural raw materials, while showing a state of world reserves at the end of marketing of the previous harvest. For several months, operators have been expecting a drop in areas devoted to corn and an increase in wheat and especially soya, the price of which is currently “2.4 to 2.5 times higher than that of corn,” notes Arthur. Doorman for the Agritel firm (Argus Media Group). “Last year, farmers planted a lot of extra corn. This year, they will probably switch back to soybeans, because corn prices do not allow them to be profitable, while soybeans do,” adds Jack Scoville, of Price Futures Group. We will probably have to wait ...
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