Significant Drop In EU Grain Prices on November 8, as Black Sea Exports Continue

On November 8, there was a significant drop in EU grain prices due to the resumption of Ukrainian grain exports through the Black Sea, as well as a lack of grain production in France, the EU's top exporter. Operators are closely monitoring the Ukraine-Russia grain export deal, which is set to expire on November 19 as it could affect the grain market. Egypt cancelled its tender with the EU due to the high tender prices as well as the competitive pricing offered by Russian wheat in tenders, as Russia sells large volumes at a low price. In W44, Russia exported 1MMT of wheat compared to 910,000MT in W43. The decreased EU export volumes put further downward pressure on the prices of grains in EU markets