European Grain Markets
- With the best initial rating for U.S. winter wheat in at least three seasons, grain markets have a new and very good reason to be weak in Europe.
- With wheat weakening and rainfall in South America, the pressure on the corn market is also intensifying, with a new contract low reached in front-month futures in Paris.
- None of the markets influencing rapeseed prices were supportive yesterday and logically MATIF futures also continued lower.
American Grain Markets
- With October now behind us, we look at the monthly charts and unfortunately see nothing optimistic to say about the bulls in the US wheat markets.
- In the worst possible way for the bulls, so is the monthly close in the corn market. As far as positives go, the monthly performance of soybeans is the best, but without weather issues in South America, the initiative will hardly be changing hands to the bulls.
Black Sea Grain Markets
- The Ukrainian authorities are considering introducing new and stricter requirements for the export of grain and oilseed crops and products, such as the creation of a register of export companies that must meet certain requirements to operate.
- In addition, Ukrainian exporters should not owe taxes to the Treasury and, most importantly, VAT will only be refundable once the exporter has transferred the proceeds of the transaction to a Ukrainian bank.