Global wheat market weekly analysis, January 12, 2024

Wheat

China

Malaysia

Published Jan 13, 2024

Tridge summary

El Niño is currently at its maximum power and expected to gradually weaken before heading into a reverse La Nina phase later this year, leading to an increase in storms across the continental US. Australian wheat exports decreased by 17% in November 2023, with Thailand, Taiwan, and Malaysia being the top purchasers. The International Grains Council's forecasts suggest a potential decrease in ending stocks due to increased crop yields and consumption levels, with Ukraine emerging as a key player in grain exports.

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

The weather El Niño is in full swing and is probably close to its maximum power right now. It is expected to gradually weaken over the next few months and then head into a reverse La Nina phase towards the end of the summer. Much of the rain over the past week across the continental US has led to a significant improvement in moisture across large parts of the Southeast. Logically, dry areas are decreasing as more storms are forecast starting Friday. Highlights from global markets The latest data from the Australian Bureau of Statistics shows that in November 2023 the country exported a total of 1.17 Mt of common and durum wheat. This is a decrease of 17% from the 1.40 Mt exported in the previous month. In container exports in November, Thailand is in first place with 28 kmt of Australian wheat purchased, followed by Taiwan with 22 kmt and Malaysia with 20 kmt. In terms of bulk orders, Indonesia with 202Kt is the largest market, followed by China with 172Kt and ...

Source: Agroportal