World: Grain market report on 13 March 2023

In the short-term, optimism over the Black Sea grain deal will likely continue to weigh on prices, though markets will remain volatile with the extension deadline close. Rains in the US and cheap Russian supplies also pressure prices longer-term. Argentinian crop concerns remain a watchpoint, though rains are forecast over the next week. Weaker US demand and global export demand could see prices under pressure going forward long-term. Barley prices continue to follow the wider grains complex. Global grain markets lost more ground last week as optimism surrounding the Black Sea grain corridor grows. Competitive Russian exports, as well as a bumper Australian harvest and rains across US plains also put pressure on grain prices last week. However, futures markets are expected to remain volatile as we approach the 19 March deadline for the extension of the Black Sea Initiative (grain deal). Losses in maize markets were also limited by the ongoing drought in Argentina, leading to ...