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Global corn futures continued to decline on Friday December 13; Ukrainian FOB prices were steady to firm, and South American markets highlighted localized demand dynamics and planting progress.
Fastmarkets commits to publishing daily the bids, offers, indicative levels or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.
Fastmarkets’ weekly recap of the main movements in global cash markets.
Russia’s weekly wheat export volumes from Black Sea ports fell to 887,440 tonnes in the week to Thursday December 12, down by 6% from 949,088 tonnes the previous week, data from Fastmarkets’ research team showed on Friday December 13.
The Russian government has lowered its export tax on wheat, corn and barley for the period of December 18-24, according to an update from the country’s agriculture ministry on Friday December 13.
Ukraine exported 499,000 tonnes of grains during the week ending Thursday December 12, marking a weekly decrease of 375,000 tonnes (43%) compared to the previous week, according to data released by the country’s State Customs Service on Friday December 13.
Canada’s grain and oilseed exports totaled 899,100 tonnes during the week to Sunday December 8, a decrease of 639,900 tonnes, or 42%, from 1.54 million tonnes the previous week, according to data from the Canadian Grain Commission published on Thursday December 12.
In Argentina, recent rainfall during the week to December 11 improved soil moisture, creating better conditions for crop sowing, according to a Buenos Aires Grains Exchange (BAGE) report released on Thursday December 12, 2024.
Weather conditions are forecast to remain mostly beneficial for crops in Brazil and Argentina during the week beginning Thursday December 12, underpinning expectations of good soybean and first corn crop yields.
Global corn futures softened on Thursday December 12; Ukraine FOB levels firmed amid strong domestic demand, while across the Americans prices fell.
Fastmarkets commits to publishing daily the bids, offers, indicative levels, or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.
Brazilian food agency Conab has trimmed its estimate for the country's total corn crop in 2024/25 to 119.63 million tonnes while marginally increasing its projection for soybean output to 166.2 million tonnes, its monthly report showed on Thursday December 12.
US weekly corn net sales for the 2024/25 crop year totaled 946,900 tonnes in the week to December 5, a 45% drop from the previous week and 32% below the prior four-week average, according to the USDA’s latest report released on Thursday December 12.
US corn futures on the Chicago Mercantile Exchange and Dalian prices remained supported on Wednesday December 11 amid good global demand. In the US, Gulf FOB prices eased despite rising ethanol production and lower stocks. In South America, Argentina's offers softened slightly and Brazilian crop progress continues to advance.
Fastmarkets commits to publishing daily the bids, offers, indicative levels, or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.
US weekly ethanol production increased by 5,000 barrels per day to 1.078 million bpd in the week to December 6, according to data published by the US Energy Information Administration (EIA) on Wednesday December 11.
Farmers in Brazil’s largest agricultural-producing state of Mato Grosso sped up the pace of forward sales of soybeans and corn in November, backed by higher prices, good soybean crop conditions and the need to raise funding to lock in input costs for the second corn crop, Mato Grosso’s agriculture state agency IMEA said late on Monday December 9.
Brazilian soybean sowing reached 94.1% of the projected area of 47.3 million hectares in the week ended Sunday December 8, a weekly advance of 4.1 percentage points. This surpassed the 89.9% completion rate from a year earlier, national food agency Conab said in its weekly crop progress report published late on Monday December 9.
Corn markets saw broad gains, with Chicago Mercantile Exchange futures climbing alongside rising Dalian Commodity Exchange (DCE) prices due to a lowered Chinese production forecast, while firmer Ukrainian prices and increased US export demand highlighted robust global activity.
The USDA's World Agricultural Supply and Demand Estimates (WASDE) report update released on Tuesday December 10 highlights key changes to the US corn outlook, including increased usage (ethanol production as well as food, seed and industrial use), higher exports and reduced ending stocks.