With the Ukraine export corridor confirmed for another 60 days, some global supply concerns have been eased. Demand direction will be a key watchpoint as prices hit lower levels. However cheap, ample Russian supplies continue pick up demand and pressure the market short and long term.
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Demand remains a key market mover, will China continue to purchase US maize? Argentinian crop concerns also remain a watchpoint. Though longer term, the US maize crop (new crop) is anticipated to be large. Barley prices continue to follow the wider grains complex. Discount of ex-farm UK feed barley to UK feed wheat stood at £19.40/t as at 09 March. Global grain markets felt some support last week overall. US and European wheat markets (May-23) found strength from concerns on whether there would be an extension of the Black Sea Initiative (Ukraine export deal) which was due to expire on Saturday (18 Mar), and Chicago maize (May-23) found support from strong Chinese demand. As financial market concerns grow, the US dollar saw some weakening last week. On Saturday, the Black Sea Initiative was renewed for at least 60 days, which markets had anticipated from news earlier in the week. This is half the time (120 days) that the deal has been previously renewed for, though it still ...
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