DAILY MARKET WIRE
October 30, 2023 – Market Update
Chicago corn and soybeans edged up, while wheat suffered a setback.
Western Canadian wheat bids took a tumble with durum prices having the largest losses during the week ended Oct. 27.
Scarce rainfall due to the El Nino has caused disparities in the speed of soy planting in Brazil, and could impact sowing of second corn.
European wheat prices eased 0.5%, on Friday, and lost 3.2% over the week.
Turkish durum wheat exports reached 1,096 MMT so far this season.
Ukraine is imposing tighter controls over grain traders to boost revenues to fund its wartime defenses, Bloomberg said.
By the end of Nov, Russia is ready to launch a grain interventions, to purchase up to 2 mln tonnes. Starting prices will be somewhat higher than the current market.
Chinese Ministry of Agriculture has already warned pig producers of a second wave of falling demand for pork in Feb, after the celebration of the New Year 2024.
Indian agriculture ministry said, the country’s overall summer-sown grains output is expected at 148.6 million tonnes in the 2023-24 crop year.
So far Aussie harvest results have been variable to say the least, with yield and quality yet to find a defined trend.