Review of Agriculture Commodity Prices – February 2024
 

Corn

The price of corn for the month of February was down 6.34% and down 37 from February 28, 2023 to February 29, 2024.

Highlights in the corn market in February

  • Argentina's Rosario grains exchange cut its estimates for the country's 2023/24 soybean and corn harvests on Wednesday to 49.5 million and 57 million metric tons, respectively, due to a heat wave in late January and early this month.[1]
  • U.S. farmers will plant less corn and more soybeans in 2024 than they did a year earlier with prices of both commodities hovering around threeyear lows, the U.S. Department of Agriculture said on Thursday.[2]
  • Farmers in Ukraine, a major global corn grower and exporter, are expected to reduce the area sown with corn by 9% yearon-year in 2024, a survey compiled by the country's agriculture ministry showed on Tuesday.[3]

- 2023/24 Argentina Corn Rating up 1% to 28% Good/Excellent[4]

  •  

Soybeans

The price of soybeans for the month of February was down 7.6% and down 25% from February 28, 2023 to February 29, 2024.

  • Brazil's 2023/24 soybean crop is expected to reach 147.7 million metric tons, agribusiness consultancy AgRural said on Monday, lowering a January forecast of 150.1 million tons after yield losses in key producing areas due to adverse weather.[5]
  • Brazil's 2023/2024 soybean crop estimate has been reduced to 152.2 million metric tons from the previous estimate of 153.8 million tons,[6]
  • The combined Ukrainian grain and oilseed harvest may fall 15% to 20% in 2024 because of A smaller sowing area, the Kyivbased UCAB business association said on Thursday.[7]
  • 2023/24 Argentina Soy Rating Unchanged at 31% Good/Excellent[8]
  •  

Wheat

The price of wheat for the month of February was down 0.37% and down 13% from February 28, 2023 to February 29, 2024.

  • Only 12% of the Ukrainian winter wheat crop will not survive the current winter, the agriculture ministry said on Sunday, citing data from scientists.[9]
  • France's farm ministry on Tuesday reduced its estimates of winter grain sowing, with the soft wheat area seen at its second lowest in 30 years, after heavy rain disrupted field work in the European Union's biggest crop producer.[10]

 

 

[1] Reuters Inside Commodities – February 22, 2024

[2] Reuters Inside Commodities – February 16, 2024

[3] Reuters Inside Commodities – February 14, 2024

[4] www.soybeanandcorn.com – February 27, 2024

[5] Reuters Inside Commodities – February 27, 2024

[6] Reuters Inside Commodities – February 21, 2024

[7] Reuters Inside Commodities – February 16, 2024

[8] www.soybeanandcorn.com – February 27, 2024

[9] Reuters Inside Commodities – February 19, 2024

[10] Reuters Inside Commodities – February 14, 2024