The easing of maize and wheat export prices is helping to mitigate rising freight and insurance costs associated with shipping disruptions for importers. Conversely, farmers have adapted to reduced profit margins by transitioning to alternative crops. As a result,
winter wheat plantings for harvest in 2024 decreased in Ukraine (areas under Government control), and the United States. Spring plantings might make up the decline in some countries. Similarly, there is a likelihood of a shift away from maize toward soybeans,
made more attractive by increasing crude oil prices which improve prospects for biofuels demand. Although overall crop conditions at the end of March do not raise alarm, market-driven adjustments to planting areas could impact sentiment on the global markets should significant weather events occur during the rest of the season.