European Grain Markets
- The political volatility of events in the Black Sea remains high, and price movements in grain markets fully reflect this.
- A strong opening was followed by a sharp fall, but wheat and maize crops eventually closed higher after Ukraine announced that it would consider all ships sailing to Russian ports as legitimate military targets.
- Only rapeseed futures close in the red and at near daily lows, but before that they too reached levels not seen since late February
American Grain Markets
- Most U.S. wheat markets are rising, but closing far below daily highs and after reaching trend resistance, the most logical explanation is profit taking
- In a week of decent rainfall and persistently cool temperatures, the soybean and corn markets close weak and next week’s ratings are likely to show further improvement.
Black Sea Grain Markets
- If we were to cool their enthusiasm we would say that this is only a reciprocal response and hardly anyone is thinking of blowing up commercial ships.