Corn prices fell further below $6.2 per bushel, close to their lowest levels since mid-August, as the grain's supply outlook improved and demand expectations deteriorated on prospects of a global economic slowdown following rate hikes from major central banks. Brazil is forecast to harvest a record crop of 125.0 million tons and export a record 52.0 million tons in 2022/23, the US Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report. At the same time, US corn supplies will likely be bigger, with domestic end stocks of corn for the 2022/23 marketing year pegged at 1.342 billion bushels, compared with the government's February outlook for 1.267 billion bushels. On the other hand, Argentine corn exports are projected at 29.0 million tons in 2022/23, the lowest since 2017/18, as this year's production has been heavily impacted by drought.
Wheat futures in the US retreated below $6.8 per bushel in March, the lowest in 18 months, as the USDA’s WASDE report confirmed the supply from the world’s top producers is set to increase. Top exporter Russia is projected to sell up to 60 million tonnes of wheat on foreign markets in the current marketing year, according to President Putin's speech to the country's Federal Assembly. Russia harvested a record-high 153.8 million tonnes of wheat in 2022, driving farmers to turn to international customers to empty silos ahead of the new crop. Also, Ukraine forecasted output to be strong in the next marketing year as the current winter wheat harvest was larger than expected. Meanwhile, Ankara continued to work towards the extension of the safe trade corridor deal for ships carrying grain out of Ukrainian Black Sea ports.
Chicken and egg price not only increase locally, but also globally like in US, UK, taiwan etc. Feedstock cost like soya, corn are ease off and normalize back but selling price remain elevated. US currency also on weakness, further reduce import cost, boosting up profit margin. Ceiling price will be lifted in next 2 month, selling price will base on market demand
Nutriplus eggs already selling on the premium side. If those tray eggs' price increases, then it will come very close to Nutriplus price range. Price sensitive consumers also can have Nutriplus eggs as an option.
The government is likely to announce ceiling prices for chicken and egg supplies ahead of the Eid al-Fitr celebration tomorrow while it awaits discussions between the two ministries on Wednesday.
Stay above 30sen support level, chicken and egg price continue stay elevated. Export market is demanding as many countries facing shortage in egg supply, Japan, korean, taiwan, uk, us etc
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
tomwah
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Posted by tomwah > 2023-03-10 15:07 | Report Abuse
slow slow up