Both Chicago maize and soyabean futures (May-23) have been pressured from their multi-month highs set on Tuesday this week. Keeping the market elevated has been the drought in Argentina from the successive third La Niña weather event.
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Market commentary UK feed wheat futures (May-23) closed yesterday at £227.50/t, down £3.00/t on Wednesday’s close. New crop futures (Nov-23) closed at £220.75/t down £2.70/t over the same period. The domestic market followed both the Paris and Chicago wheat market down yesterday. Chicago wheat was down from spill over weakness from maize and soyabeans, as well as lacklustre export demand for US supplies given strong global competition. Paris wheat futures fell as competition from cheaper Black Sea supplies continues to weigh on the market. Russia’s Agriculture Ministry has estimated that Russia will export 55-60Mt of grain in the 2022/23 season, and that there is no plans to lower the grain export quota. (Interfax, Refinitiv). But given the current situation around logistics and insurance, there are questions to whether export pace will reach these forecasts. Paris rapeseed futures (May-23) continued their weekly pressure, closing yesterday at €540.25/t, down €3.25/t on ...
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