Grain Market Outlook on the First Day of the Weak

European Grain Markets

• After a distinctly slow week, the Matif grain markets closed fairly firm on Friday, making another bid to stem the decline
• Technically, wheat still holds the July low while corn closes on par with May, meaning bulls’ chances are rising again
• With sowing having started amid hot and dry weather in many European countries, the canola market is certainly now adding a weather premium, helping it to a firm weekly close

American Grain Markets

• After a non-stop slump through Thursday, the Chicago wheat market is also weak for the week. Friday’s rebound, however, comes just after reaching the May low
• Near the end of summer, conditions in the U.S. Corn Belt will finally be typically summer-like, and that’s obviously supporting soybean and corn prices

Black Sea Grain Markets

• On the final leg of the harvest of winter crops in Ukraine, the average yields of wheat, barley and canola there continue to increase
• Heavy rains are expected for spring wheat in Russia and Kazakhstan, and have begun in Hungary, with a negative impact on grain market prices.

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