Review of Agriculture Commodity Prices – March 2024
 

Corn

The price of corn for the month of March was up 4.63 and down 37% from March 31, 2023 to March 28, 2024.

Highlights in the corn market in March;

  • Argentina's Buenos Aires Grains Exchange on Thursday cut its forecasts for the 2023/24 season's corn harvest to 54 million metric tons, citing a February heat wave and damage from the spiroplasma bacteria.[1]
  • International Grains Council (IGC) forecast a record global grain crop in the 2024/25 season, with global production of 2.332 billion metric tons up from last years 2.304 billion metric tons.[2]
  • Planting of the safrinha corn in Parana is 99% complete according to the Department of Rural Economics (Deal). Corn is 3% germinating, 63% in vegetative development, 27% pollinating, and 7% filling grain. The crop is rated 2% poor, 12% average, and 86% good as of March 28, 2024.[3]

 

Soybeans

The price of soybeans for the month of March was up 5.01% and down 22% from March 31, 2023 to March 28, 2024.

Highlights in the soybean market in March;

  • Brazilian soybean production will total 156.5 million metric tons this year, according to Agroconsult, up from the January estimate of 152.2 million metric tons the previous estimate of 153.8 million tons,[4]
  • China's soybean imports from Brazil surged 211% in the first two months of 2024 compared with a year ago.[5]

 

Wheat

The price of wheat for the month of March was down 6.7% and down 19% from March 31 2023 to March 28, 2024.

Highlights in the wheat market in March;

  • Winter grain crops are in mediocre condition in large parts of the European Union according to crop monitoring service MARS.[6]
  • Russian farmers say they are considering reducing wheat acreage in favour of highermargin crops like soybeans and peas as low global prices, rising input costs and continued export duties cut into harvests' profitability.[7]
  • Grain trade association Coceral on Wednesday cut its forecast for this year's soft wheat output in the European Union and Britain by 5.4 million metric tons due to damage caused by heavy rainfall in the region.[8]
 

[1] Reuters Inside Commodities – March 22, 2024

[2] Reuters Inside Commodities – March 15, 2024

[3] Soybeanandcorn.com – March 29, 2024

[4] Reuters Inside Commodities – March 28, 2024

[5] Reuters Inside Commodities – March 20, 2024

[6] Reuters Inside Commodities – March 26, 2024

[7] Reuters Inside Commodities – March 25, 2024

[8] Reuters Inside Commodities - March 21, 2024

Review of Agriculture Commodity Prices – November 2023
 

Corn

The cash price of corn as measured by the National Corn Cash price was down by 2.24% in the month of November and is down by 35% since October 31, 2022.

The largest items in the corn market in November were;

  • The second crop of corn in South America is expected to be impacted by weather issues this year.

Soybeans

The cash price of soybeans as measured by the National Soybean Cash price was up by 3.74% in the month of November and is down by 11% since October 31, 2022.

The largest items in the soybean market in November were;

  • Brazilian farmers are expected to reap 10 million tons less soybeans than initially forecast, after a drought slammed Mato Grosso state farmers who planted their crop early, Alexandre Mendonça de Barros, partner at MB Agro consultancy, said on November 28th.[1]
  • Brazil's 2023/24 soybean planting had reached 74% of the expected area as of Thursday, agribusiness consultancy AgRural said on Monday, making it the slowest progress for the period in eight years as the country grapples with bad weather.[2]
  • Argentina's grains trade is largely "paralyzed" by a lack of soybeans due to drought and farmers holding onto produce, anticipating a devaluation of the peso under President-elect Javier Milei, the head of the main export chamber told Reuters.[3]
  • Extremely dry weather is forcing farmers to give up on soy to plant cotton or another crop in Brazil's top farm state Mato Grosso, cotton lobby groups and growers said.[4]
  • Weekly U.S. soybean export sales last week of more than 3.9 million metric tons marked the highest combined crop year sales total since 2012, after a surge in Chinese buying, U.S. Department of Agriculture (USDA) data on Thursday showed.[5]

Wheat

The cash price of wheat as measured by the Wheat cash price was up 7.13% in the month of November and is down by 26% since October 31, 2022.

The largest items in the wheat market in November were;

  • Dry weather in the growing season has reduced Australia's wheat output this year, but most of the crop is with higher protein content and supplies of lower quality grains for animal feed are limited,[6]
  • FranceAgriMer on Wednesday raised its forecast for French soft wheat exports outside the EU in 2023/24, but also lifted its season-end stocks estimate to a six year high on lower forecasts for intra-EU shipments and domestic livestock feed demand.[7]
  • Heavy rainfall in France over the past two weeks has brought grain sowing virtually to a standstill in the European Union's largest grain grower and lower yields are to be expected in some regions, technical institute Arvalis said on Tuesday. Concerns about prospects for the 2024 French harvest have contributed to a rise in European wheat prices this month.[8]
  • The U.S. Department of Agriculture (USDA) on Monday rated 50% of the U.S. winter wheat crop in goodto-excellent condition, up three percentage points from the previous week and the highest for this time of year since 2019 as soil moisture improved in the Plains following a three-year drought.[9]
 

[1] www.soybeansandcorn.com

[2] Reuters Inside Commodities – November 28, 2023

[3] Reuters Inside Commodities – November 24, 2023

[4] www.soybeansandcorn.com

[5] Reuters Inside Commodities – November 17, 2023

[6] Reuters Inside Commodities – November 24, 2023

[7] Reuters Inside Commodities – November 16, 2023

[8] Reuters Inside Commodities – November 8, 2023

[9] Reuters Inside Commodities – November 7, 2023