European Grain Markets
- MATIF wheat is posting its strongest rise in weeks in grain markets, returning to late January levels. Rapeseed, too, is regaining ground, rising to nearly 550 euro per tonne.
- Like other grains, maize is reporting appreciation, testing the 280 euro per tonne level. This is also its best value since 18 January. Grain markets in Europe received support in view of the depreciating euro against the dollar.
American Grain Markets
- The dollar rallied in the US after the labour market turned out to be in better shape than expected, which will give the Fed more room to raise interest rates again. This reflected on the CBOT wheat price, which was further depressed by profit-taking after posting a one-month high.
- Soybean meal reported a significant decline, which also impacted soybeans, although rains in Brazil delayed harvest. Corn, on the other hand, managed to remain firm.
Black Sea Markets
- Grain prices in Russia continue to fall. Yesterday wheat fell to $300/t FOB testing major support. We expect Russia to once again take the lion’s share of the 2 Algerian wheat auctions announced in the coming days.