European Grain Markets
- Continued heavy rainfall and flooding in Western Europe have now officially delayed autumn sowing in France, which is providing visible support for the grain markets, especially wheat on Friday.
- The good news for wheat is good news for corn prices as well, especially with substantial appreciation reported in the Chicago markets
- There was also a marked increase in the rapeseed market, including on a weekly basis, with the same benefiting from dry forecasts for Brazil supporting soybean prices
American Grain Markets
- A significant part of the firmness in Chicago grain markets, is the sudden plunge in the U.S. dollar, closing Friday at a 5-week low, following an identical collapse in interest rates
- With dry and hot forecasts in Brazil, the soybean market benefited the most, but corn and wheat markets also had upbeat closes
Black Sea Grain Markets
- After continuing to fall since the summer, wheat export prices from Russia last week posted a first appreciation, perhaps marking the beginning of the end of harvest pressure
- Declining export volumes from both Russia and Ukraine are contributing to the firmness, while more rainfall in the forecast and a continued fall in tariffs could possibly renew the decline