European Grain Markets
- With increased production and stocks in key producers and exporters in grain markets, the EU included, the USDA report can hardly be described as price supportive.
- The same can be said for the corn, barley and feed grains markets as a whole, with the increase for the EU coming from barley, while the corn crop is unchanged.
- World oilseed production is almost unchanged, with the rapeseed crop slightly up while the sunflower crop is slightly down.
American Grain Markets
- Wheat markets still rose, but rather unconvincingly. A weak start to overnight trading in Chicago this morning as well.
- As expected, the new US soybean and corn crops are unchanged, but with higher beginning stocks (i.e. old crop), ending stocks are higher.
Black Sea Grain Markets
- USDA substantially increases both production and exports of wheat from Russia and Ukraine.
- Ukraine’s new corn crop is also up substantially, while Russia’s is unchanged but at record highs. Sunflower production in both is unchanged, but exports from Ukraine are down