{"id":8918,"date":"2024-02-27T14:21:35","date_gmt":"2024-02-27T19:21:35","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=8918"},"modified":"2024-03-08T14:25:08","modified_gmt":"2024-03-08T19:25:08","slug":"grain-market-struggles-oversupply-and-demand-concerns-damage-outlook","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/pt\/grain-market-struggles-oversupply-and-demand-concerns-damage-outlook\/","title":{"rendered":"Grain Market Struggles: Oversupply and Demand Concerns Damage Outlook"},"content":{"rendered":"<p align=\"center\">February 27, 2024<\/p>\n<p style=\"text-align: center;\"><em>Wheat corrects, corn declines, and soybeans hit their lowest since 2020.<\/em><\/p>\n<hr \/>\n<h3>Wheat<\/h3>\n<p style=\"text-align: center;\"><strong>Global wheat oversupply and demand concerns increased short positions<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"image_content aligncenter\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/09ceff45-3a74-42e7-8279-e31d7741ab8e.png?rdr=true\" alt=\"\" width=\"600\" data-image-content=\"\" \/><\/p>\n<ul>\n<li>Wheat futures surged to $5.9 per bushel, rebounding sharply from a recent low of $5.6 on February 16<sup>th<\/sup>.<\/li>\n<li>Uncertainty surrounding the North American spring growing season led commodity funds to trigger a short-covering rally.<\/li>\n<li>US and European farms lowered their asking prices to remain competitive in foreign markets.<\/li>\n<li>The latest WASDE report confirmed Russia&#8217;s wheat production forecast at 91 million tons, just 1 million shy of the record-high from the previous year.<\/li>\n<li>This increased available wheat for export to an all-time high of 51 million tons, making Russia the largest exporter globally.<\/li>\n<li>Global wheat production forecasts for the current marketing year were revised upward, mainly due to a 1-million-ton increase in selected Middle Eastern countries.<\/li>\n<li>This revision eased foreign demand from the world&#8217;s top importing region.<\/li>\n<\/ul>\n<h3>Corn<\/h3>\n<p align=\"center\"><strong>The price of US corn futures dropped, nearing their lowest levels since November 2020<\/strong><\/p>\n<p align=\"center\"><img decoding=\"async\" class=\"image_content aligncenter\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/fbebbb41-7da2-4fde-a92b-3b3957cc5ea6.png?rdr=true\" alt=\"\" width=\"600\" data-image-content=\"\" \/><\/p>\n<p align=\"center\">\n<ul>\n<li>Chicago corn futures dropped to $4.1 per bushel. The decline was driven by ample global supplies and subdued demand forecasts.<\/li>\n<li>The USDA projected that US corn stocks would reach 2.532 billion bushels by the end of 2024\/25, a 17% increase from the previous year and the highest level since the 1987\/88 season.<\/li>\n<li>Additionally, US farmers are expected to plant less corn and more soybeans in 2024 compared to the previous year.<\/li>\n<li>Meteorological forecasts predicting rainfall in South America reinforced the perception of a supply glut in the corn market.<\/li>\n<\/ul>\n<h3>Soybeans<\/h3>\n<p align=\"center\"><strong>Oversupply and demand concerns contributed to the decline in soybean prices<br \/>\n<\/strong><\/p>\n<p align=\"center\"><img decoding=\"async\" class=\"image_content aligncenter\" src=\"https:\/\/files.constantcontact.com\/cdf199da001\/96a37db7-a9c9-4770-8b23-7b12329f2474.png?rdr=true\" alt=\"\" width=\"600\" data-image-content=\"\" \/><\/p>\n<ul>\n<li>Soybean futures drop below $11.5 per bushel, the lowest since November 2020.<\/li>\n<li>There has been increased production in key South American countries Brazil and Argentina.<\/li>\n<li>Rosario Grains Exchange predicts 49.5 million metric ton soybean harvest for 2023\/24.<\/li>\n<li>USDA forecasts US soybean stocks to reach 435 million bushels by the end of 2024\/25 marketing year, which is the highest level since 2019\/20.<\/li>\n<li>Decrease in Chinese demand for animal feed contributed to increased US soybean stocks.<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>February 27, 2024 Wheat corrects, corn declines, and soybeans hit their lowest since 2020. Wheat Global wheat oversupply and demand concerns increased short positions &nbsp; Wheat futures surged to $5.9 per bushel, rebounding sharply from a recent low of $5.6 on February 16th. Uncertainty surrounding the North American spring growing season led commodity funds to [&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-8918","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/8918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/comments?post=8918"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/8918\/revisions"}],"predecessor-version":[{"id":8919,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/posts\/8918\/revisions\/8919"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/media?parent=8918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/categories?post=8918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/pt\/wp-json\/wp\/v2\/tags?post=8918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}