European Grain Markets
- €230 turns out to be the first floor where at least some of the bears in the wheat market in Paris decided that the ride down, for now, is enough and yesterday decided to get off
- Similarly, €230 turned out to be the approach floor (support) in the corn market. Now it remains to be seen if it will prove to be significant, or just a temporary stop on the renewed downward path
- Nothing new from the rapeseed market, which remains entirely a function of what’s happening with vegetable oil prices (palm and soybean mostly) and the Canadian market
American Grain Markets
- Ahead of the crucial quarterly planted area and stocks report for spring crops, grain markets in Chicago are also finding strength and containing declines
- Market participants are not expecting any significant changes in acreage for major crops, with wheat and corn expected to decline marginally and soybeans to increase marginally from the previous report
Black Sea Grain Markets
- Similar to Bulgaria, the first harvest results for wheat and barley in Russia and Ukraine are not impressive and are expectedly weaker than last year
- The good news for the harvest and its quality is that the weather forecast around the Black Sea (Russia, Ukraine, Romania, Bulgaria and Türkiye) over the next 1-2 weeks is almost entirely dry and hot