Grain Markets in Paris Seek to Stabilize

European Grain Markets

• Grain markets in Paris closed almost unchanged yesterday, remaining in something of a consolidation since the start of the week.
• European wheat export levels remain weak and under pressure from cheap Black Sea offers, while corn is nominally firm to unchanged for the week.
• With canola, soybeans and oil all falling, Matif canola appears to have decided to close firm this week, which will in no way change the overall negative narrative for it either.

American Grain Markets

• Despite initial momentum, the Chicago wheat market closes lower again, though due to the unnecessary rainfall, Kansas durum wheat is up.
• Disappointing U.S. export sales data contributed to weakness in Chicago grain markets yesterday, corn and soybeans included.

Black Sea Grain Markets

• The weakness in international markets comes amid renewed tensions in the region with the deployment of Russian nuclear warheads to Belarus and the suspension of traffic along the maritime grain corridor from Ukraine.
• This doesn’t change the fact that Russian analysts continue to raise their estimates for the new grain crop, prompting exporters to maintain their aggressive bids.

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