Short-term volatility is expected as the Ukrainian grain corridor deal renewal date approaches. Currently, optimism surrounding the agreement and cheap Russian supplies weighs on prices, though South American weather issues could limit any major losses to grain markets.
Original content
Argentinian crop concerns could add some support to prices though generally a big South American crop can still be expected. Maize prices could also be impacted by demand news, with the latest WASDE due this week. Barley prices continue to follow the wider grains complex. Global grain prices generally came under slight pressure last week, though volatility remains as we approach the 19 March deadline for the Black Sea Initiative renewal. However, the ongoing drought in Argentina capped any major losses in grain markets last week. Chicago wheat and Paris wheat markets (May-23) fell 1.8% and 1.7% respectively over the week (Friday-Friday) as expectations that the deal in the Black Sea region to export grain from Ukraine will be extended. The Turkish Foreign Minister said yesterday that Ankara is working hard to extend the UN-brokered grain deal, though Russia has signalled it is unhappy with certain aspects of the agreement. Any news surrounding the deal will be a key driver in ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.