World: What are grain markets reacting to?

Euronext wheat was lower, capped by a stronger euro, in addition to traders also awaiting clearer indications on harvests and the Black Sea transport corridor from Ukraine, dealers said. "Low prices for Russian wheat and also Romanian wheat are a factor, but the market faces some uncertain developments," said a German trader. "Ukraine's shipping agreement expires in less than a week and no one knows if an extension will happen," added a colleague. Demand is generally weak amid competition in the Black Sea, and low Rhine levels are adding new costs, local analysts said. In France, traders were waiting for the harvest to speed up in the hot weather that settled in after the recent storms. French farmers have harvested 21% of this year's soft wheat crop by July 7, agricultural service FranceAgriMer said. Soufflet Agriculture said in a separate crop update that there were good early yields and quality in wheat, but canola yields were disappointing, on the back of last year's high ...