grain markets US Wheat Takes Double Hit from Weather EU Extends Ban on Imports of Ukrainian Grain and Oilseeds to Five Countries

Grain Market Updates – 07.07.2023

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European Grain Markets

  • After Wednesday’s bump up, grain markets were relatively calm yesterday. MATIF wheat moved in a narrow range all day and eventually closed almost unchanged at 233€/t.
  • The situation was similar for maize, which reported a €0.75 decline for the session. Market participants are waiting for new geopolitical and weather signals to determine the direction
  • Rapeseed reported a third consecutive day of decline, albeit more subdued, while crude oil and palm oil reported marginal gains.

American Grain Markets

  • Almost all grain markets in Chicago are correcting their movements from last week – something quite expected. After a prolonged decline, CBOT corn closed in the green yesterday due to short covering and technical buying after its price dropped to the levels of two and a half years ago.
  • Wheat was steadier, erasing some of the advance from the previous session. Soybeans, which had been on the rise after it became clear that US acreage was significantly less than expected, posted a second consecutive decline yesterday due to profit taking.

Black Sea Grain Markets

  • 10 days before the end of the grain deal, everything indicates that it will not be renewed. In practice, it is no longer operational. Since 29 June, not a single ship moving to Ukraine has passed inspection. Last time on 28 June, 2 ships were allowed in, one Turkish and one St Kitts and Nevis flagged. Today Zelensky will meet with Turkish President Erdogan and the future of the grain deal will likely be discussed.
  • SovEvon increases its forecast for wheat exports from Russia in the new season by 1.5Mt to 47.2Mt. Taking into account trade data provided by Russian suppliers, the agency also increases corn exports, but leaves barley unchanged.

 

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