Agri commodities were sharply higher in June, with CBOT Wheat, Soybean, and Corn up by 11%, 10%,and 5%, respectively.
The US Corn and Soy Belt is suffering an ongoing drought that led to the lowest corn crop conditions in three decades.
Moderate amounts of rainfall in the forecast should provide some relief.
While the US supply situation almost made corn prices pop, the demand for popcorn in Ukraine is said to be have surged over the weekend: An uprising that took over Rostov-on-Don and headed to Moscow made every heart in grain markets skip a beat.
At one point, there was a risk that Russian wheat exports (22% of global) could be compromised.
While there do not seem to be disruptions, several wheat producers – Australia, Argentina, Canada, and the EU – face challenges, and the extension of the BSGI remains uncertain.
Source: https://research.rabobank.com/far/en/sectors/agri-commodity-markets/ACMR-Monthly-June-2023.html
The US Corn and Soy Belt is suffering an ongoing drought that led to the lowest corn crop conditions in three decades.
Moderate amounts of rainfall in the forecast should provide some relief.
While the US supply situation almost made corn prices pop, the demand for popcorn in Ukraine is said to be have surged over the weekend: An uprising that took over Rostov-on-Don and headed to Moscow made every heart in grain markets skip a beat.
At one point, there was a risk that Russian wheat exports (22% of global) could be compromised.
While there do not seem to be disruptions, several wheat producers – Australia, Argentina, Canada, and the EU – face challenges, and the extension of the BSGI remains uncertain.
Source: https://research.rabobank.com/far/en/sectors/agri-commodity-markets/ACMR-Monthly-June-2023.html