European Grain Markets
- On Friday evening, the USDA surprised the grain markets with much larger than expected US wheat production and stocks. The wheat slump in Paris reflects this surprise.
- The corn market has little choice but to follow this weakness, given that U.S. corn stocks are actually less than expected.
- Higher soybean stocks and falling canola prices in Canada also predict a weak canola market
American Grain Markets
- With Friday’s depreciation, the Chicago wheat market plunges to levels not seen since the summer of 2020, and as much as that is to be believed, we will almost certainly see even lower levels
- With such weakness in wheat, it will also be difficult for corn to appreciate, especially since the soybean market is also renewing its decline and is currently the weak link in spring crops
Black Sea Grain Markets
- Ukrainian authorities report that the three grain and iron ore ships that were being loaded in the country’s Black Sea ports sailed safely on Sunday, and now have 5 more that have arrived for loading
- Bulgaria has banned imports of sunflower from Ukraine until the end of November. After that, grain imports from Ukraine will be carried out according to the licensing regime agreed with the EU