Heavy rains in southeastern Australia have damaged wheat crops. IKON Commodities estimates that excessive rainfall has potentially reduced production by more than 100,000 t and turned up to 1 million t of milling wheat into lower quality feed grain.
The pace of corn planting has grown in Brazil amid increased global demand. Anec estimates November corn exports at 7.35 million t (previous estimate was 7.96 million t). Farmers in central and southern Brazil planted corn of the first 2023-24 harvest on 83% of the planned fields (88% last year).
Last week’s decline in U.S. wheat prices caused an increase in demand, which, in turn, has supported export quotes this week. At the same time, favorable weather conditions for winter wheat (planting of which is already completed), have been restraining the price growth.
In Kazakhstan, export trade has been slow, with limited export volumes of wheat. Only 1.5 million t of the grain crop (35%) was rated as Grade 3. Although the harvest is sufficient to meet the needs of the domestic market and ship some volumes for exports (including in the form of flour), farmers and…… Read more »
Trade has been dull on the EU grain export market, which put pressure on relevant quotes. Only prices for Romanian wheat have shown an upturn amid the general trend in the Black Sea region. In general, it is difficult for European sellers to agree with buyers: sellers are not ready to make big concessions,…… Read more »
Mixed price trend can be seen on the Ukrainian grain export market. Quotes are supported by brisk trade, although weather conditions in the south of the country and continuing threat of Russian attacks on port infrastructure continue to restrain exports and sales.
Export quotes for Russian grains have grown due to steady importers’ demand and a possible decline in exports. The country’s Ministry of Agriculture may consider banning grain exports if the country’s stocks fall to a critical level of 10 million t.
In the U.S., soybean export quotes are under pressure of the global trend caused by improving weather conditions in Brazil. According to USDA, the U.S. soybean harvesting was complete as of November 19, which also affects pricing.
Export quotes for corn are generally flat in Brazil. Market participants continue to keep a close eye on weather conditions impacting production prospects and thus prices.
The US grain market has been inactive this week due to the Thanksgiving holiday. Wheat prices are sliding down amid high competition on export markets and low demand. However, this week private exporters have reported selling 110,000 t of SRW wheat to China for shipments during MY 2023-24.