Grain Markets Get Off to Weak Start in First Week of 2023

European Grain Markets

• Weak closure of grain markets on Friday and for the week, which at the beginning of this one will benefit Egypt and Türkiye, which announced consecutive tenders for imports of bread grain
• Despite closing higher on Friday, the weekly performance of the maize market was also negative, with the front-month Matif futures down €5
• After three consecutive daily losses, the canola market completely nullifies last week’s good start, closing almost at the weekly low, losing €6.50 for the period

American Grain Markets

• With harvest winding down in Australia, wheat crop estimates there are rising to a whopping +42Mt, helping to underpin a weak weekly close in US markets
• As a grain crop, wheat’s weakness is having a much more negative impact on corn than soybeans, although both markets fell last week

Black Sea Grain Markets

• With almost no snow cover, Arctic cold with temperatures down to -30C will cover European Russia and the easternmost parts of Ukraine in the coming days
• Turkish Grain Board is set to take advantage of weakness on international exchanges, with an import tender for 565km of soft bread wheat set for Thursday

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