European Grain Markets
- Statistically, we report yet another eighth day in which Matif wheat and corn futures have done nothing but fall.
- Only the rapeseed market is breaking away from yesterday’s negative trend, as it appears to be attempting to consolidate €440 as a new low and support for prices.
Black Sea Grain Markets
- The utter disregard for the daily destruction of Ukraine’s port infrastructure is indicative of current market sentiment.
- Another negative for prices is the stated intention of the Romanian river authorities to clear the Danube canals clogged with Ukrainian vessels within a few days.
American Grain Markets
- The new Chicago wheat crop has reached symmetrical support from the July slump, and if it’s going to have any (technical) meaning for the market, today is the time to show it.
- Weather conditions are a fundamental factor in grain market pricing, and when we have rainy and cool weather in early August, as we have in the US, prices for spring crops such as soybeans, corn and wheat suffer.