U.S. soybean prices continue to decline amid ongoing harvesting and competition from Brazil. According to the USDA, soybean harvesting has progressed to 43% of the plan (41% last year and a five-year average of 37%).
Harvesting continues in Australia, putting pressure on export prices. Trade remains inactive. The quality of harvested wheat is still good, but grain yields are fluctuating from below average to average.
Large corn supplies from Brazil continue to put pressure on global prices. Anec estimates October corn exports at 9.2 million t (8.9 million t forecasted a week earlier). At the same time, the drought in northern Brazil is causing logistical problems due to the low level of the Amazon River.
U.S. corn prices remain under pressure from ongoing harvesting and competition from Brazil, but closer to mid-week, quotes got some support from the monthly USDA report. According to the USDA, by October 8, U.S. farmers harvested 34% of the planned corn crop
The Kazakh grain market is stable. In the October report, USDA analysts have significantly reduced the estimate of wheat production in Kazakhstan in MY 2023/24 – to 13 million t (from 15 million t projected in September).
In Russia, grain export quotes have been mostly decreasing. Huge export potential and insufficient demand are the main reasons for such price dynamics.
EU grain prices continue to decline amid competition with traders from the Black Sea region and good export forecasts. Thus, analysts at FranceAgriMer have raised wheat export forecast from France in the current season by 300,000 t to 9.8 million t.
Stevedores of the Liepaja FEZ all together reached the total cargo turnover of 620,000 t in September, exceeding the result of August by almost 116,000 t.
The Ventspils Freeport reported a 324,000 t increase in the September turnover of all cargoes to 1.1 million t, showing a 40% surge month-on-month. The growth was seen in all groups of cargoes.
Rīgas Universālais Termināls (Riga Universal Terminal, RUT) has received and unloaded the first container train with Ukrainian agricultural products delivered to the Freeport of Riga by SIA LDZ Cargo, a subsidiary of VAS Latvijas dzelzceļš.