Soybean and Wheat Markets Experience Decline Amid Global Crop Developments
The latest market updates for July 29, 2024, highlight significant movements in crop prices and developments in key agricultural regions. As of today, the soybean and wheat markets have faced notable declines, with some commodity prices falling by over 3 percent.
Key Market Movements:
- Wheat Prices:
- Chicago December 2024 wheat dropped by 14 cents per bushel, settling at 548.5 cents/bu.
- Kansas December 2024 wheat fell 16 cents/bu to 562 cents/bu.
- Minneapolis December 2024 wheat decreased by 14.5 cents/bu to 607.5 cents/bu.
- MATIF December 2024 wheat fell €2/t to €225.25/t.
- Soybeans and Corn:
- Soybeans for November 2024 were down by 31 cents/bu, trading at 1048.5 cents/bu.
- Corn for December 2024 saw a decrease of 10.75 cents/bu, reaching 410 cents/bu.
- Canola and Rapeseed:
- Winnipeg November 2024 canola dropped by C$25.20/t to C$646.50/t.
- MATIF November 2024 rapeseed fell by €13.25/t to €480.25/t.
- Regional and International Updates:
- Black Sea Region: SovEcon increased its forecast for the Russian wheat crop to 84.7 million tonnes, thanks to favorable conditions in key areas like the Volga region and Southern Russia.
- Ukraine: As of July 25, 2024, Ukraine had harvested approximately 20 million tonnes of grain, including 14.7 million tonnes of wheat. However, extreme heat is expected to reduce productivity in late crops.
- France: The condition of the 2024-25 common wheat crop is rated at 50% good/excellent, down from last week’s 52% and last year’s 78%. Harvest progress varies, with durum wheat at 67% complete and spring barley at 31%.
- US Weather Outlook:
- The US Corn Belt is expected to experience beneficial thunderstorm activity this week, which may help mitigate heat effects. Rainfall is also forecasted to continue in the Delta and Southeast.
- Australia:
- Western Australia: Canola values rebounded, with new crop bids at $820/t and GM canola at $755/t. Barley bids were up by around $5/t.
- Eastern Australia: Similar trends were observed, with canola values rising to $756/t. Barley bids were steady, while wheat bids saw a slight decrease.
- Rainfall: Recent rainfall in Queensland and NSW has positively impacted crop conditions, though some regions received less precipitation.
Political Update: A recent cabinet reshuffle in Australia has moved Senator Murray Watt from the agriculture minister position to employment and workplace relations, with Julie Collins MP appointed as the new agriculture minister.
For more detailed updates and real-time market information, follow GrainCentral and Lachstock Consulting for the latest insights and analyses.
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