European Grain Markets
- A surprisingly firm close for wheat in Paris on Friday, after which the grain market manages to record even weekly appreciation.
- While also firm on Friday, the corn market is far from a weekly appreciation after last week’s front–month futures plunged to a contract low.
- A weak euro and a massive rise in oil are also contributing to a substantial rise in rapeseed, especially as oil provides a tailwind for all vegetable oils.
American Grain Markets
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Grain markets in Chicago moved divergently on Friday, but all had in common that despite a strong dollar, they maintained their firm tone after the USDA report.
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News of Chinese buying mostly supports wheat, also corn and soybean markets are also up for the week.
Black Sea Grain Markets
- Despite declining exports from Russia in recent weeks, grain prices in the region remain weak and under pressure from huge stocks and intensifying competition at international auctions.
- The expected rainfall over the next 1-2 weeks is also negative for prices, with Ukraine and Russia forecast to see the heaviest rainfall so far.