European Grain Markets
- Buoyed by deteriorating wheat, barley and corn ratings in France, grain markets in Paris continued their appreciation on Friday.
- Breaking through important resistances, MATIF wheat and corn futures rose for the second week in a row, and in a way we last saw last autumn.
- Inspired by the soybean oil market doing wonders of courage in Chicago, rapeseed markets in Europe and Canada are also rising sharply.
American Grain Markets
- Supported by dry weather in key U.S. Agriculture Belt states, grain markets in Chicago continue their massive appreciation.
- Friday’s and the week’s appreciation was impressive across all markets, but we can’t help but highlight the sharp price appreciation in new crop corn, soybeans and soybean oil.
Black Sea Grain Markets
- Following the administrative reduction of the export duty, wheat exports from Russia have been accelerating in recent weeks and local analysts expect a record monthly volume for June.
- The acceleration in exports is also helped by the fact that news of exports below the “unofficial floor” of $240 is increasingly being heard. Also significant is the fact that the sale of the “misunderstood” company at the last Egyptian auction ($229) was eventually allowed in May.