European Grain Markets
- Almost entirely due to an expected weak U.S. harvest, the USDA report provides visible support for wheat markets, which Matif futures on Friday also benefit from.
- With increased production and stocks of old and new crop in the World, the corn market and major feed crops, however, have no cause for optimism.
- Almost entirely because of soybeans, oilseed production in the World will increase by 44Mt in the new season, of which sunflower will add 3Mt and rapeseed will be unchanged.
American Grain Markets
- U.S. winter durum wheat production will be the weakest since 1957 and its market in Kansas on Friday climbed to $9 a bushel.
- In its first forecast for 2023/24, the USDA sees record soybean and corn production in the U.S., which along with Brazil will lead to record soybean production and near-record corn production in the World.
Black Sea Grain Markets
- Unlike the previous reports in which the Black Sea region was the main reason for the drop in prices, in the latest one the situation generally turns 180 degrees.
- The USDA expects a significant decline in production and exports of wheat, corn and barley from Russia and Ukraine. Sunflower production and exports, however, are expected to grow.