Markets survive in a complex environment

In brief: • Despite complex signals, wheat in Paris remains stable • Argentina lowered export duties on grain Quite expectedly, the strong euro, tensions in the Black Sea, Argentine competition, and new interest rates in the US continue to direct the market, but the reaction of wheat in Paris proved surprising, as on Wednesday it managed to withstand the pressure that had built up, closing near the so-called "psychological threshold." In turn, the euro/dollar exchange rate reached around 1.1700, which is its highest level in two months. Attacks on vessels continued with renewed vigor, and the expectation that the Federal Reserve would reduce the key interest rates by 25 basis points yesterday became a reality. Competition from Argentina is becoming increasingly fierce in a context where, in addition to the rich harvest, the country has taken measures to reduce export duties. Thus, Javier Milei reduced export duties on soybeans, soy products, corn, and wheat, fulfilling his promise ...