European Grain Markets
- Unfortunately for all the longs, the bears are taking full advantage of the technical environment and grain market prices continue their plunge
- It should become clear today or on Monday whether the bulls will finally show strength for a more serious attack, or the bears will continue to play their game.
- At this stage, both possibilities are equally likely, with continued rainfall in Europe supporting the bears, while a possible fall in the euro will support the bulls
American Grain Markets
- A significant change in weather patterns showing heavy rainfall in the southern U.S. Plains is leading to significant losses in the country’s wheat markets
- Meanwhile, for the Corn Belt, the models give much drier, albeit cold weather, which along with news of Brazilian soybean sales in the U.S., argue in favor of current losses
Black Sea Grain Markets
- For all the talk of the grain corridor not working in Russia’s favour, the country’s wheat exports are going at a blistering pace, with over 1Mmt loaded at deep-sea ports in the last week alone.
Import/Export Statistics
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