Dutch cooperative bank claims that prices of agricultural products will increase in the fourth quarter

Rabobank stated that international wheat, corn and soybean prices may be strongly supported in the fourth quarter of this year, and the average price of international corn in the fourth quarter may be 5.25 US dollars per bushel, higher than the 3.16 US dollars per bushel in the third quarter.

Comprehensive media reported on September 28. According to the Dutch cooperative bank, the international wheat, corn and soybean prices in the fourth quarter of this year may be strongly supported because of the market’s concerns about the unit production, bad weather in South America, and winter sowing in Russia.

Rabobank said that the average price of international corn in the fourth quarter of this year may be 5.25 US dollars / bushel, higher than the third quarter of 4.16 US dollars / bushel. The average international wheat price in the fourth quarter may be at $7.00 per bushel, up from $6.48 in the third quarter. The average price of international soybeans in the fourth quarter of this year may be 10.50 US dollars / bushel, compared with 10.28 US dollars in the third quarter.

The Dutch cooperative said that due to the lack of new fundamental news, the recent wheat price is in a consolidation period, but the price of corn has risen. The market is still concerned about poor wheat planting in Russia and continues to support the price of wheat. The uncertainty of the new season wheat production in the southern hemisphere also supports the price of wheat.

In addition, according to Dorab Mistry, an international vegetable oil analyst, recently, due to the interruption of South American soybean supplies and rising demand in China, global soybean prices may remain double digits for a longer period of time. In December of this year or January of next year, international soybean prices may rise to 11.50-12 US dollars per bushel.

The current market focus is on the prospects of South American crop production. Brazil's No. 1 producing region, Mato Grosso, lacks adequate soil moisture and restricts initial sowing. According to the meteorological agency, the soybean crop may not be in good condition due to the dry weather in the past few months. If Brazil does not rain in December, the soybean crop will be hit hard.

At present, the spread of sunflower oil and soybean oil is at 150 US dollars, and the spread of sunflower oil and soybean oil will narrow, which will also boost soybean prices.

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