Global Ag News for Apr 5.24


Global Food Prices Rose in March on Higher Vegetable Oil Prices

Global food prices rose in March after seven straight months of declines as hikes in the prices of vegetable oil, dairy and meat offset decreases in the indices for sugar and grains, according to an index of food-commodity prices created by the United Nations’ Food and Agriculture Organization.

  • The index rose 1.1% in March from its revised levels in February
  • Vegetable oil prices rose 8% from a month ago, reaching a one-year high; grain prices fell 2.6% m/m
  • Sugar prices were 5.4% lower m/m, driven mostly by an upward revision of India’s output and the improved pace of Thailand’s harvest


Wheat prices overnight are up 4 1/2 in SRW, up 2 in HRW, up 2 1/2 in HRS; Corn is up 1 1/4; Soybeans down 4 3/4; Soymeal down $2.20; Soyoil up 0.01.

For the week & month so far wheat prices are up 1/2 in SRW, down 5 3/4 in HRW, up 3 3/4 in HRS; Corn is down 5 1/2; Soybeans down 16 1/4; Soymeal down $6.50; Soyoil up 0.21.

Year-To-Date nearby futures are down 10.7% in SRW, down 9.7% in HRW, down 10.3% in HRS; Corn is down 7.4%; Soybeans down 9.1%; Soymeal down 14.2%; Soyoil up 0.7%.

Malaysian palm oil prices overnight were down 53 ringgit (-1.20%) at 4347. China markets are closed for holiday.

There were no changes in registrations. Registration total: 438 SRW Wheat contracts; 0 Oats; 37 Corn; 499 Soybeans; 710 Soyoil; 26 Soymeal; 0 HRW Wheat.

Preliminary changes in futures Open Interest as of April 4 were: SRW Wheat down 131 contracts, HRW Wheat down 1,191, Corn down 13,913, Soybeans up 8,729, Soymeal up 2,220, Soyoil down 628.

Weather:  Warmth will cover the Plains in advance of Western storms. During the weekend, rain (and some wet snow) will overspread the nation’s mid-section, with the heaviest precipitation—locally 1 to 2 inches or more—expected from Montana to Nebraska. In contrast, dry weather should prevail during the next 5 days across the southern High Plains and along the southern Atlantic Coast. The NWS 6- to 10-day outlook for April 9 – 13 calls for the likelihood of near- or above-normal temperatures nationwide, except for cooler-than-normal conditions in southern sections of the Rockies and High Plains. Meanwhile, below-normal precipitation from the Pacific Coast to the northern Plains should contrast with wetter-than-normal weather east of a line from south-central Arizona to Lake Superior.

The player sheet for 4/4 had funds: unchanged in SRW wheat, buyers of 1,500 corn, sellers of 2,000 soybeans, buyers of 4,000 soymeal, and sellers of 2,500 soyoil.


  • SOYBEAN SALE: Exporters sold 152,404 metric tons of U.S. soybeans to Mexico for 2023-24 delivery, the U.S. Department of Agriculture said.
  • SOFT WHEAT, DURUM PURCHASE: Tunisia’s state grains agency is believed to have purchased about 75,000 metric tons of soft wheat and some 50,000 tons of durum in an international tender
  • FOOD WHEAT PURCHASE: Japan’s Ministry of Agriculture, Forestry and Fisheries bought a total of 113,535 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender.
  • RICE TENDER: Indonesian state purchasing agency Bulog issued an international tender to buy about 300,000 metric tons of rice.
  • FEED BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley.


  • CORN, BARLEY, SOYMEAL TENDER: Iranian state-owned animal feed importer SLAL issued international tenders to purchase up to 120,000 tonnes of animal feed corn, 120,000 tons of feed barley and 120,000 tons of soymeal.
  • WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins.


supermarket with cart



US Export Sales of Soybeans, Corn and Wheat by Country

The following shows US export sales of soybeans, corn and wheat by biggest net buyers for week ending March 28, according to data on the USDA’s website.

  • Top buyer of soybeans: China with 154k tons
  • Top buyer of corn: Japan with 340k tons
  • Top buyer of wheat: China with 75k tons

US Export Sales of Pork and Beef by Country

The following shows US export sales of pork and beef product by biggest net buyers for week ending March 28, according to data on the USDA’s website.

  • Mexico bought 23k tons of the 28.7k tons of pork sold in the week
  • South Korea led in beef purchases

Brazil March Agriculture Exports by Volume: MDIC

Following is a summary of key Brazilian agriculture exports by volume, from the Brazilian Trade Ministry.

  • Corn exports fell 68% y/y
  • Coffee exports rose 27% y/y

FAO-Amis Cuts Wheat and Corn Stockpile Estimates; Raises Soy

World wheat stockpiles in the 2023-24 season are now seen at 317.9 tons, down from a March estimate of 318.9m tons, according to the AMIS Market Monitor report published Thursday.

  • Wheat production revised up marginally; lower stocks due to cut in Russian inventories
  • Corn stockpile forecast cut to 316.2m tons from 317.2m tons
  • Soybean stocks seen at 49.5m tons, up from 48.7m tons
  • Rice stockpiles seen higher at 199.1m tons, compared to 198.7m tons previously

US Miss. River Grain Shipments Fall, Barge Rates Decline: USDA

Barge shipments down the Mississippi river declined to 659k tons in the week ending March 30 from 844k tons the previous week, according to the USDA’s weekly grain transportation report.

  • Barge shipments of corn fell 10% from the previous week
  • Soybean shipments down 35% w/w
  • St. Louis barge rates were $9.62 per short ton, a decline of $0.72 from the previous week



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