25K+ / Agri Commodity Trader (sunflower oil, sunflower meal, wheat, corn, barley, rapeseed, soybean, sunseed)
📊 #GRAIN #MARKET PERSPECTIVES – MARCH 14, 2024 💡 Market Perspectives is a weekly publication that offers readers information about current coarse grain markets including price, weather and freight data important for buying U.S. grains and their co-products. 🔎 Outlook: CBOT grain futures came under pressure after a couple weeks of steady-to-higher prices as soybeans pushed against the 50-day moving averages and palm oil futures rose to the best levels in a year. But the weight of Chinese cancelations of wheat purchases pushed the wheat market sharply lower and with outside markets showing signs of running out of momentum, corn prices follower lower also. Add to these pressures, a northern and central Brazil weather forecast that is slightly wetter than prior runs and markets retreated to lower levels. While the lackluster global demand for U.S. corn has fueled a bearish market, the ethanol industry has been consuming corn at record-high levels. The accumulated corn consumption for ethanol in 2023/24 has reached a record high of 2,837 million bushels, surpassing the previous record of 2,818.8 million bushels in 2021/22. This figure represents a 5.9% increase above the long-term average, indicating robust demand for corn in ethanol production. 📻 Source: https://lnkd.in/e3FEFYCp Best regards. Agricultural commodity trader, Oleg Shklovtsov.
