U.S. soybean prices have declined due to improved weather conditions in South America. At the same time, importers’ demand for soybeans is limiting price declines. This week, private exporters have reported selling 132,000 t of soybeans to unknown buyers for shipments during MY 2023-24.

            Besides the impact of tropical storms in northern Queensland, generally dry weather is forecasted across Australia until the end of December, which is favorable for the end of harvesting campaigns.

            Russian grain suppliers have raised quotes amid a successful tender in Egypt. Thus, GASC has purchased 480,000 t of wheat at $284.9-287.4/t. The grain is only of Russian origin.

            Export quotes for Brazilian corn are stable. On the one hand, concerns about future production prospects and abundant global supplies are weighing on prices.

            U.S. wheat prices are under pressure from abundant global supplies and high competition, while support comes from tender activity. Corn prices have declined due to improved weather conditions in South America.

            Mixed price trend is reported on the EU grain export market, although quotes have been mainly growing, supported by a sharp rise in the euro exchange rate and large tenders from key buyers.

            The pace of export trade is gradually decreasing on the Ukrainian grain market, although quotes have grown this week. Only corn is being traded at the moment. Offers are coming at $227-230/t C&F Spain and $227/t C&F Egypt.