Grains and oilseeds: Australia secures EU supplies

March 3, 2023 at 12:20 PM , Der AUDITOR
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BRUSSELS. While production prospects could hardly be better in Brazil for corn and soybeans, the opposite is the case in Argentina. The EU is certainly importing more wheat and rapeseed, which is mainly driven by Ukraine. Yet the uncertainties over the negotiations for an extension of the Black Sea grain deal still overshadow the market. Australia has also gained market shares in the EU.

Traders disagree with SovEcon over wheat

Quotations for wheat have declined by 6-10% due to revised production estimates for the United States, negotiations over an extension of the Black Sea grain initiative and Russia exporting large volumes. Although the Black Sea research firm SovEcon reckons that Russia only exported 3,4 million mt of wheat in February, which is 300,000 mt less than the firm’s initial estimate, due to bad weather conditions that delayed loading, traders disagree. They argue that Russia won most bids in Turkey’s recent tender over 79

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