European Grain Markets
- MATIF wheat reported a slight decline in grain markets on Friday after an uncertain week during which traders had to rely on mixed supply signals in the Black Sea. On a weekly basis, the headline futures remained almost unchanged despite the back-and-forth movement.
- Corn was also down on Friday, but posted a weekly decline further depressed by harvest pressures.
- After a drastic drop on Wednesday and Thursday following crude oil, canola managed to rally slightly on Friday, but this rise was not enough to compensate for the weekly losses.
American Grain Markets
- Grain markets in the US were weak on Friday and fell, but on a weekly basis performed much better than those in Europe. Wheat was able to almost make up for the previous Friday’s losses due to uncertainty around supply in the Black Sea on the one hand and weather conditions in the world’s wheat-producing regions on the other.
- CBOT corn was weak on Friday but ended the week in the green positioning at its highest level since early August.
- US soybean futures were quite weak on Friday. This also led to a weekly decline, with weakness supported by weakness in oil as well as soybean and palm oil.
Black Sea Grain Markets
- The situation in the region remains difficult to predict. Ukraine is trying to boost its exports after the end of the grain corridor, but so far the country’s exports are 2.7Mt behind the same period last year.
- On the other hand, exports from Russia, although much stronger than last season, are starting to show weakness. Demand for barley and wheat in Russia fell last week to the lowest level since the start of the season. Meanwhile, the country continues to bomb Ukrainian targets around ports.