Weekly Agri- Commodities Recap: 25-29/03/24
Apr 01, 2024
The week of March 25 to March 28, 2024, unfolded with mixed sentiments and varied price movements in the grain markets.
On Monday, the May MATIF Milling wheat futures retreated slightly, relinquishing some gains from the previous session. While developments in the Black Sea region continued to influence market sentiment, traders also positioned themselves ahead of important USDA reports scheduled for later in the week. Russia's agricultural watchdog proposed redistributing grain export quotas, potentially impacting exporters like TD RIF. Analysts noted increased prices of Russian wheat, while Jordan cancelled a tender for milling wheat.
Prices across the board declined on Tuesday, with the wheat rally driven by Black Sea-related headlines proving short-lived. Attention turned to USDA reports scheduled for later in the week, prompting cautious positioning by traders. The EU's soft wheat exports increased, albeit with discrepancies in reported data. Kazakhstan projected an increase in wheat production for 2024. Market participants awaited USDA reports, particularly for insights into quarterly stocks and planting intentions.
Wednesday marked the last trading day of the month and quarter, with volatility expected ahead of USDA reports. Non-commercial participants reduced their net short positions in MATIF milling wheat, but prices erased gains, potentially prompting short positions to increase again. Jordan issued a tender for feed barley, while Russian wheat exports remained steady despite ongoing concerns. The spread between May and September MATIF milling wheat contracts reached new lows.
On Thursday, the EU Commission's initial estimates indicated a decrease in soft wheat production, primarily in France, Germany, and Lithuania, offset by recoveries in Spain, Denmark, and Latvia. Saudi Arabia issued a tender for wheat, while the EU Commission projected decreases in usable soft wheat production but recoveries in barley and corn crops. USDA reports revealed lower-than-expected corn acreage but higher-than-expected soybean acreage, influencing market sentiment.
Weekly Recaps
Commodities
Agri- Commodities:
08-12/09/25 Agri
Sep 15, 2025
The week opened with wheat leading a modest rally, Kansas futures gaining more than 2% in what appeared to be an overdue correction in an oversold market. Chicago and MATIF contracts followed with smaller advances, while corn and soybeans also firmed ahead of the US crop progress update and Friday’s WASDE. Despite the bounce, trading volumes suggested short liquidation in wheat had not yet begun in earnest. Sovecon raised its 2025 Russian wheat forecast to 86.1 mmt, broadly matching IKAR, while US crop ratings slipped only marginally. Export inspections painted a mixed picture, with corn and soybeans steady but wheat sharply lower.
Freight
Freight Recap:
11/09/25
Sep 11, 2025
The dry bulk freight market maintained a firm tone this week, with Handysize, Supramax, and Panamax indices all showing gains.
Commodities
Agri- Commodities:
01-04/09/25 Agri
Sep 08, 2025
Grain markets remained under pressure last week, with wheat leading losses as both C-B-O-T and MATIF contracts hit fresh multi-year lows on ample global supply and weak demand. Corn was more resilient, briefly reaching a six-week high before retreating as short covering faded, while soybeans slid throughout the week on poor export demand and the continued absence of Chinese buying. Broader financial market weakness added to bearish sentiment, and traders now look ahead to key macro events — U.S. inflation data, the ECB rate decision, and Friday’s USDA WASDE report.
