European grain markets
- In the absence of CBOT, grain markets on MATIF traded in minimal volumes yesterday maintaining their downward trend so far
- Adding to MATIF’s weakness Egyptian auction was another surprise, which saw 235kt of wheat agreed, with an average price slightly lower than the previous one
- With palm oil rising, the rapeseed market is containing the slump, but the bears certainly haven’t had the last word yet
American grain markets
- Grain markets in Chicago were off yesterday for Thanksgiving
Black Sea grain markets
- Apart from the falling prices, the other news from the latest Egyptian auction is that for the first time since the start of the war in Ukraine we are seeing a ranked cargo of Ukrainian wheat
- At the same time, traffic on the grain corridor, since its extension, has dropped sharply with only 2 ships sailing on it this morning, against at least 7 previously