Everything is calm on the world markets

The World of NAN editorial analyst presents a brief overview of the world markets of agricultural products for December 25 - January 5.

World markets were closed due to the Catholic Christmas and the first day of the new year, therefore, market prices remained practically unchanged. World wheat prices for the past two weeks were generally unchanged from previous data. The Chicago soft wheat price rose just 0.1% to settle at $227 per ton. Between December 22 and 28, 273,700 tons of wheat were exported from the US, down 188,000 tons from the previous week, but more than three times higher than the same period last year. Since the beginning of 2023, 9.64 million tons have been exported, down 19% from the previous season. Argentina is expected to harvest 15.1 million tons of wheat (+2.7% y/y).

Prices for Russian export wheat on the Black Sea remained unchanged at $250 per ton. However, Russian markets have yet to open in 2024 due to the ongoing New Year holidays. According to data from Kazakhstan's commodity exchange ETS, the bid price of soft wheat 3rd class with gluten 23-24% remained unchanged at ₸135k per ton. It should be noted that on December 26, deals were made in two types of wheat with gluten 25-26% and 27%, at a price of ₸136 thousand per ton. The transaction volume for the second type amounted to ₸111.8 million or 822 tons.

Sugar has recovered in price by 3.1% in these two weeks after several consecutive weeks of declines. In London, the price rose to $608 per ton of sugar. India's sugar production for the fourth quarter, according to the Federation of Sugar Mills, was 11.2 million tons, down 7.6% from the previous year's result.

It is also noted that rainfall during the monsoon period was the lowest in the last 5 years. Rising oil prices in the first week of 2024 also supported sugar prices as it encourages ethanol production instead of sugar.

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