European Grain Markets
- With wheat continuing to appreciate in Chicago, the grain market in Paris is doing the same, but we can’t help but note that the appreciation in Europe is entirely following the appreciation in the U.S.
- Not without the support of wheat, Matif corn continues higher as if on momentum, with yesterday’s losses in the SWOT, definitely a red light for all longs
- Soybean oil losses continue to depress the rapeseed market, which is already testing key supports that will determine where it goes next
American Grain Markets
- Exactly 5 days after breaking the 50-day average, the Chicago wheat market touched the 200-day yesterday. If anyone understands technical analysis, they probably know that there are LOTS of sell orders right below it
- And since, with some variation and not quite the same thing happening in the soybean and corn markets, we can reasonably assume that yesterday’s high in those markets will prove to be very serious resistance to breakthrough
Black Sea Grain Markets
- The gravitational force that continues to suck down prices is undoubtedly called Russia, and more precisely the continued dumping of its exporters
- By comparison, Constanta’s 12.5% protein bread wheat is offered at $265, while FOB Novorossiysk’s same is at $230, with reported deals concluded well around $220