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Tidbits, Wheat & Rice, Export Sales, Markets & Rain Days Update 12/30/23

Highlights


Reuters News reported that Russia unleashed its biggest air attack of the war on Ukraine on Friday, cities and infrastructure across the country were targeted. Ukraine claims civilian casualties, while Russia says only military facilities were attacked.

 

It was Russia’s largest aerial attack of the war on Ukraine and wheat closed lower yesterday. What happened to the good ol’ days when market action made some sense occasionally? Did the world forget the Black Sea area is the “Bread Basket of the World?” Did the market forget that the world has consumed more wheat than it produced 4 consecutive years?

 

Rice is the #1 competitor of wheat. In 2023, the price of wheat and grains such as oats and corn declined 20% to 30% according to the Food and Agriculture Organization (FAO) of the United Nations. But the FAO reported rice prices remain high throughout the year due to a persistent La Niña in March, followed by an El Niño anomaly in June and India imposing restrictions on non-basmati rice in July after a late monsoon raised fears of a production shortfall.

 

India’s export control removed 9 million mts of rice from the international market and ignited global prices. India is responsible for growing 40% of the world’s rice after overtaking Thailand in 2011.

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