European Grain Markets
- After an initial collapse from the official extension of the grain corridor, in the grain market in Paris, wheat finds strength and bounces back from the seasonal bottom of around €315.
- Although they are falling, corn futures are closing above their opening levels, bouncing right off trend support, which is still to be confirmed.
- With oil prices and basic vegetable oils falling down, the rapeseed market has little choice but to do the same.
American Grain Markets
- Unlike MATF, U.S. grain markets are finding no strength to turn, although recent seasonal forecasts confirm a typical La Niña (drought) in the southern plains.
- Typical La Niña continues to rage in the Southern Hemisphere, bringing drought in Argentina and excessive rainfall in Australia and northern Brazil.
Black Sea Grain Markets
- The long-awaited extension of the grain corridor is finally officially happening, with the clarification that it is again for 4 months, as Russia wants, not for 1 year as everyone else wanted.
- In reality, however, absolutely nothing has changed and Ukraine continues to accept and send caravans of merchant ships. Exports with barges on the Danube canals continue at full speed