Market update week 41
In France, a brief weather window last weekend allowed progress in the sunflower and corn harvests, as well as the early stages of grain planting. However, unfavorable weather has since returned, hindering further fieldwork this week. Additionally, strong winds from Tropical Storm Kirk could pose a risk to crops still standing. As of September 30th, FranceAgriMer reported in its Cereobs bulletin that only 2% of the corn harvest had been completed, a sharp contrast to 23% last year and the five-year average of 26%.
In France, a brief weather window last weekend allowed progress in the sunflower and corn harvests, as well as the early stages of grain planting. However, unfavorable weather has since returned, hindering further fieldwork this week. Additionally, strong winds from Tropical Storm Kirk could pose a risk to crops still standing. As of September 30th, FranceAgriMer reported in its Cereobs bulletin that only 2% of the corn harvest had been completed, a sharp contrast to 23% last year and the five-year average of 26%.
On a broader scale, the corn and soybean markets are facing harvest pressure. In the U.S., the 2024 fall harvest is moving swiftly due to recent hot and dry conditions in the Corn Belt. The USDA reported that as of Sunday, 47% of the soybean crop and 30% of the corn crop had been harvested—well ahead of the five-year averages of 34% for soybeans and 27% for corn.
On a broader scale, the corn and soybean markets are facing harvest pressure. In the U.S., the 2024 fall harvest is moving swiftly due to recent hot and dry conditions in the Corn Belt. The USDA reported that as of Sunday, 47% of the soybean crop and 30% of the corn crop had been harvested—well ahead of the five-year averages of 34% for soybeans and 27% for corn.
Notably, Saudi Arabia, Egypt, and Algeria have re-entered the market. The GASC (Egypt), reportedly secured 3.12 million metric tons of grain without following the traditional tender process, contributing to rising Black Sea prices. Shortly after, the OAIC (Algeria) made headlines by excluding French suppliers, reflecting the impact of diplomatic tensions between Algeria and France.
Notably, Saudi Arabia, Egypt, and Algeria have re-entered the market. The GASC (Egypt), reportedly secured 3.12 million metric tons of grain without following the traditional tender process, contributing to rising Black Sea prices. Shortly after, the OAIC (Algeria) made headlines by excluding French suppliers, reflecting the impact of diplomatic tensions between Algeria and France.