European Grain Markets
- Just a day after the USDA report gave new strength to grain markets, they retreated in Paris yesterday, closing in the red and for the first time since the beginning of the week, front-month wheat, corn and canola futures posted marginal declines.
- Overall, grain markets remained relatively calm awaiting new indications of direction.
American Grain Markets
- Reactions were similar overseas, where wheat and corn fell after being in the green the day before. Corn erased previous woes and fell to January 24 levels.
- Soybeans managed to hold their ground, supported by a surge in soy meal prices, while soy oil retreated, positioning at late July 2022 levels. US corn and soybeans are already feeling the pressure from the upcoming huge South American harvest as buyer appetite begins to head in that direction.
Black Sea Grain Markets
- Russia again raises the issue of the purpose of the grain corridor and the real effect on poor countries, noting that only a fraction of the grain exported through the corridor reaches the neediest, overlooking the fact that it is because of the corridor that global grain prices are at pre-war levels, and as a result poor countries pay less for grain, regardless of where it comes from.