Wheat slightly increased in price on the world market.

World of NAN editorial analyst provides an overview of the world markets of agricultural products for January 22 - February 2.

World wheat prices have risen slightly in the previous two weeks, but remain generally within a narrow range in 2024. The Chicago soft wheat price rose 1.4% to settle at $221 per ton. And hard red winter was up 3.1% at $230. Argentina's wheat crop for the 2023-24 season was 15.1 million tons, 3 million tons less than forecast. The U.S. Department of Agriculture raised its forecast for wheat exports from Ukraine to 17.7 million tons, up 26% from its January forecast.

This will be possible due to the expansion of port capacity in Romania and on the Danube.

Prices for Russian wheat exports on the Black Sea remained unchanged at $251 per ton. The duty on Russian wheat exports rose 1.8% in two weeks, but overall has fallen more than 5% since the beginning of the year. According to Kazakhstan's commodity exchange ETS, there are still no deals in 2024. In 2023 this situation lasted till summer. Recall that the last deal was held on December 26 at a price of ₸136 thousand per ton of wheat with gluten 25-26% and 27%.

Sugar has remained flat in these two weeks after a recent good increase. The price has fallen by only 0.3% over the two weeks and the price in London is at $662 per ton of sugar. However, during this period, the price has climbed to $686, down 11% from its November highs. The big news of the period was the lowering of production forecasts in India and Brazil. In India, sugar production fell 3.2% y/y over the Oct-31 Jan period, and the full season forecast is 33.05 million tons, down 9.7% y/y from the previous season. Brazil, on the other hand, lowered its production forecast for next season from 628.8 million to 622.1 million tons. The reason for this was the level of precipitation in November-January, which was below average, which will lead to weak growth of sugarcane crops.

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