Droughts & war push prices higher

Global and local grain prices rallied over the last week. A rise in attacks on Ukraine’s port infrastructure grabbed the headlines, while Canada's dry conditions bubbled away in the background. Bearish factors are still prevalent as northern hemisphere harvest nears and demand splutters. Local APW1 and feed barley FIS/Track prices followed global higher, both increasing 1%-1.5% on the week. Global canola prices also rallied over the past week. Continued dry conditions in Canada, rising palm oil prices, uncertainty over Brazil’s soybean crop size and conflict boosting oil prices have been behind the rise. Local FIS/Track non-GM and GM canola prices rose 1% and 1.2% respectively for the week. For any questions, please reach out to dennis.voznesenski@cba.com.au

 

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