Description
In August 2024, global temperatures reached record highs for the 15th consecutive month. Favourable rainfall improved wheat prospects in Australia, while excessive wet weather caused harvest delays in Canada. Despite improvements in Panama Canal crossings, low water levels in the Mississippi River disrupted supply chains, complicating exports of maize and soybeans in particular via the US Gulf. Reflecting
weather-influenced market fundamentals, the export prices for wheat, maize, and soybeans all increased in September, though
they remained below their levels from a year earlier. Rice prices stayed softer. Fertilizer markets, generally well-supplied, anticipate
seasonally increased activity in the last quarter of the year. In September, India lifted its 14-month export ban on non-basmati rice,
replacing it with a minimum export price.
weather-influenced market fundamentals, the export prices for wheat, maize, and soybeans all increased in September, though
they remained below their levels from a year earlier. Rice prices stayed softer. Fertilizer markets, generally well-supplied, anticipate
seasonally increased activity in the last quarter of the year. In September, India lifted its 14-month export ban on non-basmati rice,
replacing it with a minimum export price.
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