Grain Markets Are About to End a Slow Week

European Grain Markets

• In grain markets if we exclude the expiring and increasingly less representative September futures, the wheat in Paris records another day in which generally nothing happens
• The same can be said for the corn market, except that the most actively traded November futures are weakening, while all others are rising or unchanged
• It’s rare for the canola market to be a mirror image of the corn market, but that’s generally what happened yesterday

American Grain Markets

• While it will remain dry, yesterday’s weather patterns, confirm a rapid and sharp cooling in the US Corn Belt since Sunday, so at least that reason for appreciation is fading

Black Sea Grain Markets

• The Ministry of Agriculture of Ukraine reports that the wheat harvest is now 100% complete, with 21.94Mt harvested from 4.6Mha with an average yield, a country record 4.72t/ha
• Unofficially, Russia’s agriculture ministry has “approved” a reduction in the wheat “price floor” to $260 per tonne on a FOB basis, for ordinary sales and $270 when for international auctions

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