European Grain Markets
- Despite continued bombing and destruction of civilian and commercial infrastructure in Odessa, exchanges in grain markets on Friday took profits and closed weak
- The weekly close for wheat and especially corn in Paris doesn’t look the most bullish, but we are certainly already seeing a structural transformation in the markets that is increasingly supportive of bullishness
- Undoubtedly the weakest performance has been in the rapeseed market, which wiped out nearly 6% on Friday alone and closed almost at the weekly low – just like canola in Canada…
American Grain Markets
- And the grain markets in Chicago took profits on Friday, but as in Paris, they went up in price for the week, which means that we can talk about the start of a structural transformation process for them as well.
- Extreme heat and almost no rain in the US Farm Belt this week will support the bulls and the transformation in question
Black Sea Grain Markets
- With fewer areas to harvest, the harvest in Ukraine is progressing faster than last year, but average yields are improving, and significantly better than last year
- In addition to excellent yields from winter crops, Ukraine is likely to have excellent yields from spring crops as well, as long as temperatures there (will) remain seasonal and rainfall abundant