{"id":8711,"date":"2024-01-09T09:23:36","date_gmt":"2024-01-09T14:23:36","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=8711"},"modified":"2024-01-09T09:23:36","modified_gmt":"2024-01-09T14:23:36","slug":"ag-exports-closed-lower-2023","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/ar\/ag-exports-closed-lower-2023\/","title":{"rendered":"Agricultural Exports Closed Lower in 2023"},"content":{"rendered":"<p style=\"text-align: center;\">January 3, 2023<\/p>\n<p><em>The harvested\/planted ratio has been a significant driver of agricultural exports.<\/em><\/p>\n<hr \/>\n<h3>Wheat<\/h3>\n<p align=\"center\"><strong>Total wheat exports are at historically low levels<br \/>\n<\/strong><\/p>\n<p align=\"center\">\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter  wp-image-8712\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat11-3.png\" alt=\"\" width=\"688\" height=\"355\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat11-3.png 589w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat11-3-300x155.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat11-3-18x9.png 18w\" sizes=\"(max-width: 688px) 100vw, 688px\" \/> <img decoding=\"async\" class=\"aligncenter  wp-image-8717\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat21-3.png\" alt=\"\" width=\"670\" height=\"340\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat21-3.png 587w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat21-3-300x152.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/wheat21-3-18x9.png 18w\" sizes=\"(max-width: 670px) 100vw, 670px\" \/><\/p>\n<ul>\n<li>Wheat futures were near $6.3 per bushel at the turn of the year, slumping 15% in the last 12 months as ample supplies from key producers offset supply risks from the second year of war in Ukraine.<\/li>\n<li>Accumulated wheat exports have fallen nearly -40% from 2019 level, as harvested\/planted ratio decreased from 82.2% to 75.2%<\/li>\n<li>The latest forecasts from the USDA showed that a bumper harvest from Russia is expected to yield 90 million tons in the 2023\/24 marketing year, close to the record-high 92 million from the earlier period.<\/li>\n<li>Robust crops in South America also added to global supply, magnifying the decline in wheat futures to a three-year low in September.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Corn<\/h3>\n<p align=\"center\"><strong>Corn exports fell over 2023<br \/>\n<\/strong><\/p>\n<p align=\"center\"><img decoding=\"async\" class=\"aligncenter  wp-image-8716\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn1-1-3.png\" alt=\"\" width=\"662\" height=\"360\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn1-1-3.png 526w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn1-1-3-300x163.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn1-1-3-18x10.png 18w\" sizes=\"(max-width: 662px) 100vw, 662px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-8715\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn2-1-3.png\" alt=\"\" width=\"642\" height=\"260\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn2-1-3.png 526w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn2-1-3-300x121.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/corn2-1-3-18x7.png 18w\" sizes=\"(max-width: 642px) 100vw, 642px\" \/><\/p>\n<p align=\"center\">\n<ul>\n<li>Chicago corn futures traded around $4.8 per bushel, not far from the near 3-year low hit on November 23<sup>rd<\/sup>, pressured by decreased oil cost, which dampened the demand for biofuel alternatives, and improved weather conditions in top producers Brazil and Argentina.<\/li>\n<li>Both countries have witnessed rainfalls after the prolonged period of drought<\/li>\n<li>Over the course of 2023, corn prices have plunged by 30% due to alleviated Black Sea bottlenecks, muted global demand, and bumper harvests by the US and Brazil.<\/li>\n<li>Additionally, the start of trade between China and Brazil eased bidding competition on other export markets.<\/li>\n<li>Still, support for the commodity came from weaker dollar and hopes for monetary easing from major central banks in 2024.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Soybeans<\/h3>\n<p align=\"center\"><strong>Accumulated soybean exports remained muted<\/strong><\/p>\n<p align=\"center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-8714\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy1-1-3.png\" alt=\"\" width=\"698\" height=\"366\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy1-1-3.png 528w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy1-1-3-300x157.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy1-1-3-18x9.png 18w\" sizes=\"(max-width: 698px) 100vw, 698px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-8713\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy2-1-3.png\" alt=\"\" width=\"682\" height=\"267\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy2-1-3.png 526w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy2-1-3-300x117.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2024\/01\/soy2-1-3-18x7.png 18w\" sizes=\"(max-width: 682px) 100vw, 682px\" \/><\/p>\n<ul>\n<li>Soybean futures fell below $12.7 per bushel in early 2024, the lowest in almost three months and following a 15.1% loss in 2023 mainly due to Brazil, which is expected to achieve record-breaking production despite weather adversities.<\/li>\n<li>During the last 5-year (2019-2023), the average Accumulated exports is 21 million Mt, while the corresponding average harvested\/planted ratio is below 80% mark.<\/li>\n<li>Moreover, Argentina is expected to potentially double its soybean output, with Paraguay and Uruguay also showing increases\u00a0.<\/li>\n<li>On the demand side, China&#8217;s strong soybean purchases suggest a possibility of setting a new import record in 2023.<\/li>\n<\/ul>\n<p align=\"center\">","protected":false},"excerpt":{"rendered":"<p>January 3, 2023 The harvested\/planted ratio has been a significant driver of agricultural exports. Wheat Total wheat exports are at historically low levels Wheat futures were near $6.3 per bushel at the turn of the year, slumping 15% in the last 12 months as ample supplies from key producers offset supply risks from the second [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8711","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/comments?post=8711"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8711\/revisions"}],"predecessor-version":[{"id":8718,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8711\/revisions\/8718"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/media?parent=8711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/categories?post=8711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/tags?post=8711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}