Soybean prices are GOING DOWN! And the price of wheat is GROWING AGAIN!

A quiet week on the commodities market led to reduced trading volume. In terms of quantity, wheat was traded the most, which recorded a slight increase in price. Soy, on the other hand, has a downward price trend. A total of 1,770 tons of goods (-42.8%), with a total financial value of RSD 97,476,350.00 (-33.0%) were traded through the Product Exchange.

Corn prices

For the second week in a row, the corn market is calmer compared to the period when this grain had primacy in commodity trading. The increased supply was noticeable from the beginning of the week, while the interest of buyers was noticeably lower. An additional calming of the market occurs at the end of the week, due to a weaker offer. Corn was traded from 33.70 to 34.30 din/kg without VAT. Compared to the previous period, the price had a minimal growth of only 0.02%. Weighted price is 34.03 din/kg without VAT (37.43 din/kg with VAT).

Wheat prices

The price of wheat recorded a positive price trend. The first day of the week brought a higher demand compared to the offer, however, the next day there were no quotations. The further course of the week brought less dynamics to this market. Wheat with 11.5-12% protein is still the most sought after. Contracts for this cereal were realized in the price range from 35.80 to 36.20 din/kg without VAT. Weighted price is 35.99 din/kg without VAT (39.59 din/kg with VAT). Compared to the previous week, the price is higher by 0.35%.

Soybean prices

On the soybean market, there is a higher supply compared to demand this week as well. At the beginning of the week, soybeans were traded at a price level of 82.50 dinars/kg without VAT, so that due to the price spread between buyers and sellers, there would be less activity on this market. At the end of the week, exchange contracts were concluded at a price of 81.00 din/kg without VAT, which indicates a clear negative price trend. The weighted price is 81.65 din/kg without VAT (89.81 din/kg with VAT), which is a decrease of 0.94% compared to the previous week.

Prices of fodder barley

Feed barley was traded at a price of 33.50 din/kg without VAT (36.85 din/kg with VAT). The interest and supply of mineral fertilizers has increased noticeably. The contract for NPK 16:16:16, at parity delivered free of charge, was realized at a price of 93.58 dinars/kg without VAT. At the free-loaded parity, this fertilizer was sold in the price range from 93.89 to 94.48 dinars/kg without VAT.

Prices on world stock exchanges

Grain prices in Chicago rose at the beginning of the week due to continued geopolitical tensions and worsening corn yields due to lack of water in the corn belt. The crop rating of this cereal has been reduced to 54% good to excellent.

The rating of the soybean crop remained unchanged at 57%, however, the price of this oilseed had a negative trend. Brazil could have a record soybean crop of 150 million tons, due to increased acreage. The lack of water continues in Europe and threatens the emergence of oilseed rape in 2023.

At Euronext, prices rose due to renewed tensions in Ukraine at the beginning of the week, only to fall. Events in the Black Sea ports are followed with interest. The Ministry of Agriculture of Ukraine estimates wheat production at 18.8 million tons, compared to last year’s 32.2 million tons. According to Agritel, the new Ukrainian corn crop is estimated at 28.5 million tons.


Source: AGROmedia by www.agromedia.rs.

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