2023-12-31 23:05:00
Oil, wheat and rice: three raw materials which have been particularly scrutinized in 2023. What are the prospects for these markets in 2024?
One of the most scrutinized commodities of 2023 was undoubtedly oil. The saga of black gold has kept traders very busy. It must be said that many predicted a surge in prices, but the barrel of Brent ultimately remained below the symbolic bar of 100 dollars per barrel. It even ended the year cheaper than it started, under $80.
However, the OPEC+ countries have tried everything to increase prices, in particular with cuts in production. But the effects were only temporary, as American production driven by the United States, Brazil and Guyana allowed economies to escape OPEC countries. The International Energy Agency also predicts that this trend should continue in 2024.
Also read: Why haven’t we finished with oil?
Tensions over wheat in the Black Sea
Another commodity that has been talked about a lot on RFI in 2023: wheat will continue to agitate traders. The markets remained suspended from agreements on the exit of Ukrainian grain through the Black Sea. A few days ago, a Ukrainian strike on a Russian ship revived fears about the risks associated with the transport of grain in this area. Especially since concerns are already weighing on harvests in Western Europe in the coming months.
Bad weather in the fall reduced cultivated areas in France, Germany and the Netherlands… While the Black Sea basin experienced favorable conditions for crops.
Third raw material to follow: rice, whose prices literally soared in 2023. They have never been so high in 15 years. At issue: export restrictions in India, the world’s leading exporter, with the aim of limiting inflation on the domestic market. Restrictions which are likely to continue, according to the president of the country’s Rice Exporters Association, at least until the Indian legislative elections next May.
Also read: Lack of white rice keeps prices high
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