European Grain Markets
- Without any new specific reason besides the ones we already know (a blown dam, a fertilizer pipeline, military offensives and threats of not extending the grain corridor), the grain markets still decided yesterday that it was good to cover a little short ahead of today’s USDA report.
- All grain markets remain at a crossroads, from which the probability of an increase in prices is now greater, after generally only falling in price over the past year
American Grain Markets
- Which direction is taken from this crossroads will largely depend on today’s USDA report and not so much on the data in it (these have often been ignored) but on the emotional reaction following it
- With a negative tinge for the bulls are the latest weather forecasts in the U.S., giving much more precipitation in the two-week models for virtually the entire “Corn Belt”
Black Sea Grain Markets
- Not that it’s been any different so far, but Russia and President Putin are establishing themselves as complete masters of the wheat market, a trace of the Russian company that won the Egyptian auction being forced to withdraw its bid (due to price gouging b.a.).