Global Ag Update: Still Stiff Competition

April 1, 2015 10:05 PM
Global Ag Update: Still Stiff Competition

Attention is turning toward the Northern Hemisphere now that record soybean crops are all but assured in South America. Brazilian consultant Pedro Djenka says the continent’s combined production will exceed 6 billion bushels. The general strike by grain workers in parts of Argentina is business as usual, he notes. “Strikes are a normal part of the season. The industry has learned to live with it.” Brazil is expected to export 14 MMT of beans in March-April alone. 

Argentina remains the world’s low-price corn exporter, at $4.30/bu., against $4.40 at the U.S. Gulf, according to Djenka. It also is the low-price soybean exporter at $10.05 versus $10.50 from the U.S. France has stepped back in as the low-price wheat seller, at $5.50, while U.S. wheat is $6/bu.

The Russian government announced a $4.10 price for new-crop wheat, higher than expected, and “this probably indicates it will not extend the wheat export tariff.” 

Bottom line: There is still steep competition in global markets.

For AgResource’s full audio commentary, click here. 

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