European Grain Markets
- In a week of another free fall, Matif grain markets on Friday managed to avoid further losses, benefiting from a deterioration in winter crops in France
- However, with continued rainfall and cool temperatures, the condition of winter and spring crops in Europe as a whole remains very good
- For the week, the headline wheat futures in Paris lost just over €12, corn nearly €6 and canola almost €20
American Grain Markets
- With news of European wheat imports into the US becoming more frequent, wheat markets on the other side of the ocean are feeling increasing pressure and are understandably falling
- The corn market tried to rally on Friday, but ended up closing weak for both the day and the week. Without exception, all soybean markets were in free fall last week
Black Sea Grain Markets
- The pace of spring sowing in Ukraine has accelerated sharply in recent weeks and as of 19 May the sown area already exceeded last year’s
- Spring sowing in Russia, however, breaks all records by a huge margin and as if to add to the pressure on prices, from June 1 the Russian authorities significantly lower ($17.50) the export duty on wheat