Market update week 9
In the field, concerns are growing as rainfall persists in large parts of France . For wheat, FranceAgriMer expects 69% of the crop to be in good to excellent condition, far from last year’s 95% level. Moreover, rain will continue this week, which is unlikely to reassure farmers. The same goes for spring barley, where sowing has stagnated at 26% compared to 77% last year.
In the field, concerns are growing as rainfall persists in large parts of France . For wheat, FranceAgriMer expects 69% of the crop to be in good to excellent condition, far from last year’s 95% level. Moreover, rain will continue this week, which is unlikely to reassure farmers. The same goes for spring barley, where sowing has stagnated at 26% compared to 77% last year.
According to Reuters, Chinese importers reportedly bought a significant amount of maize for animal feed in Ukraine last week. Some traders estimate that at least 240 KMT was bought in four shipments of 60 KMT, but the market talks that more than 10 shipments were bought, all to be loaded in March/May. « Ukrainian maize appears to be the cheapest in the world and the low prices offered make the risk of sailings from Ukrainian ports and disruption in the Red Sea worthwhile, » it was said.
According to Reuters, Chinese importers reportedly bought a significant amount of maize for animal feed in Ukraine last week. Some traders estimate that at least 240 KMT was bought in four shipments of 60 KMT, but the market talks that more than 10 shipments were bought, all to be loaded in March/May. « Ukrainian maize appears to be the cheapest in the world and the low prices offered make the risk of sailings from Ukrainian ports and disruption in the Red Sea worthwhile, » it was said.
US corn reached an important psychological level as it challenged the $4/bu zone on Chicago March futures. This inevitably put pressure on the other futures with new lows in the campaign. It must be said that the global balance sheet looks comfortable, not least because of the situation in South America. Brazil continues to plant Safrinha, while Argentina still has an optimistic potential of more than 55 million tonnes, according to analysts.
US corn reached an important psychological level as it challenged the $4/bu zone on Chicago March futures. This inevitably put pressure on the other futures with new lows in the campaign. It must be said that the global balance sheet looks comfortable, not least because of the situation in South America. Brazil continues to plant Safrinha, while Argentina still has an optimistic potential of more than 55 million tonnes, according to analysts.