The Price Collapse in the World Grain Markets Continues

European Grain Markets

• Bulls surrendered in European grain markets yesterday once again. MATIF’s wheat collapsed to a new 11-month low, corn followed it falling to levels from the end of March 2022.
• Rapeseed mastered its collapse in recent days and managed to stay at 529 € / mt, testing levels of 520 € / mt during the session. The 9-month high of the euro against the dollar and cheap Black Sea offers continue to push markets in search of the bottom.

American Grain Markets

• In America, the situation was no different. All grains closed in red. CBOT wheat hit a 16-month low, depressed by good rainfall in the U.S. plains planted to winter wheat.
• Rainfall in thirsty Argentina, in turn, caused the bulls to retreat and submerged the corn and soybean markets.

Black Sea Grain Markets

• Lavrov accused the UN of not doing enough to ease grain and fertiliser exports from Russia and that grain from Ukraine is not reaching the poorest countries. In the first 120 days of the grain corridor, 4% of Ukraine’s grain exports went to the most vulnerable countries, and now only 3%. In response, the UN says it cannot affect private trade, but the effect of the grain corridor is clearly felt by the fall in grain prices around the world. That is to say, directly or not, the corridor is helping the poorest.

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