Market Monitor July 2024

04 Jul 2024

Wheat prices are ebbing under the harvest pressure from the northern hemisphere. Fresh supplies from the southern hemisphere are doing the same for maize prices, even as harvests in Argentina and Brazil are likely to fall short of expectations. Exceptionally wet weather in parts of the European Union could bring up quality concerns for wheat. May 2024 was the 12th consecutive month of record-breaking global temperatures. Should this trend persist, there will likely be negative impacts on agriculture from extreme heat, particularly if heat occurs during periods of moisture stress or the key reproductive stages that determine final yields.