European Grain Markets
- After a flurry of data on grain markets, wheat futures in Paris closed weak, thanks to increased production and stocks in the EU, Ukraine and the World as a whole.
- The news for the corn market, however, is more than good after the USDA substantially lowered production and stocks in major exporters
- With soybeans down substantially, oilseed production in the World is also down. The canola market is benefiting and there is an increase.
American Grain Markets
- While prices are on the rise, the news for US wheat markets is not good at all, as USDA sees significantly more (+11%) planted area under harvest in 2023
- Corn and soybean markets, however, are more than compensating, both in the direction of weaker production in South America and in the U.S., following a decline in harvested area in 2022
Black Sea Grain Markets
- The only change in the USDA report regarding the wheat market in the region is from Ukraine, where harvest and exports are raised by 0.5mt. Russia remains with a harvest of 91Mmt and exports of 43Mmt
- The only, but significant change in corn is the 3Mmt increase in exports from Ukraine. The harvest remains at 27Mmt and in Russia at 14Mmt. Sunflower is also unchanged, with 10Mmt in Ukraine and 16.5Mmt in Russia