Wheat grows in price on the world market

The World of NAN editorial analyst presents a brief overview of the world markets of agricultural products for November 27-December 8.

World wheat prices have risen sharply over the past two weeks. Chicago soft wheat price rose 12% to $226 per ton. Hard Red Winter was also up 10.5% ($246). One of the factors behind the growth was private sales of soft wheat from the US to China. Last Monday they announced the export of 440 thousand tons of wheat, and on Tuesday another 198 thousand tons. Ukraine said it was able to move 5 million tons of grain from Odessa after the grain deal ended. On the other hand, the US has some problems with wheat exports. In the first 11 months of 2023, 8.3 million tons of wheat were exported, down significantly from last year's result of 10.9 million tons.

Prices for Russian export wheat on the Black Sea continue to be roughly flat for the third month. The index fell by 0.8% in two weeks and reached $251 per ton. According to the ETS Commodity Exchange, the bid price for soft wheat grade 3 with 27% gluten decreased from ₸136k to ₸133k per ton. There are also bids for the same wheat, which fell from ₸130k to ₸129-129.2k per ton. There are still no actual transactions on the exchange.

Sugar has fallen in price by 11% in these two weeks, with the price per ton in London reaching $654. The last time such a price was fixed in early July. The sharp decline in price occurred amid easing supply problems in the market. Conab increased its forecast for sugar production in Brazil from 40.9 to 46.9 million tons this season. In fact, in the first half of November, Brazil's sugar production increased by 30.9% y/y and by 23.1% since the beginning of the season. Brazil's sugar exports in November totaled 3.7 million tons, a new record. However, it is reported that India's sugarcane production will fall by 12% this year.

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