Grain Markets in Europe and the US Turned Green USDA: Record harvest in Russia is not real

European Grain Markets

• The bulls were back in full force yesterday on the world grain markets. The long-awaited change in direction by all farmers seems to be on its way at last, but the question is how long it will hold before it goes down again.
• Yesterday, MATIF wheat and corn posted their best performance since the beginning of the year and managed to recover the losses of the previous weeks by returning to the mid-month levels. Rapeseed jumped dramatically, adding 17 €/t to its value.

American Grain Markets

• Strong export sales in the US have boosted grain markets. CBOT wheat managed to rise about 2% after hitting a 16-month low. Corn and soybeans also rallied influenced by good sales and firmness in crude oil.
• The news that the Biden administration will provide an additional $100 million to increase biofuel production to reduce greenhouse gases has proven to be an additional prop for the bulls.

Black Sea Grain Markets

• An important reason for the good performance of grains in the US and Europe is the recent news of another reduction in grain production in Ukraine, as well as a statement by the USDA Chairman on the record wheat harvest in Russia. According to them, the production of 104.43 Mt is not real, and the data points to a size of 91 Mt. On the other hand, according to some analysts, the grain from the annexed Ukrainian territories is as much as the difference between the official Russian data and the USDA data.

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