The USDA has released a new report on planted areas that has awakened the markets and triggered a strong rise in prices on the Chicago Mercantile Exchange. Although the past weekend in America was a long weekend, grain prices have maintained their positions and remain high.
The price of corn has increased by 8 USD/mt, the price of soybeans and soybean meal by 11 USD/mt, while only wheat managed to avoid a drastic price increase. Due to high prices in the market, American farmers are quickly selling their goods to achieve maximum profit while investment funds are buying futures of all available grains.
At the same time, China is building up stocks of American soybeans from the new harvest while Egyptians are showing interest in the old harvest. Although American export figures are good, they have not further stirred the market.
In Peru, the fishing season is still ongoing, with the total catch currently at 2 million mt, and only 400,000 mt remaining to fulfill the quota. The fulfillment of the quota is unquestionable; it is only a matter of days. Currently, 485,000 mt of fish meal and 66,000 mt of fish oil have been produced. According to various reports, it is estimated that about 100,000 mt of fish meal remains unsold, to which an additional 100,000 mt will be produced upon fulfilling the quota. Fish meal prices have fallen by 200 USD/mt, but this decline is not expected to be sustainable. As soon as China returns to the market, prices will begin to correct upwards.
Currently, the situation is ideal! Fishing is proceeding as planned, prices have fallen, and interest in fish meal is high!
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