Grains and oilseeds: EU reduces imports

October 13, 2023 at 11:14 AM , Der AUDITOR
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BRUSSELS. Grain markets reacted nervously to the Israel-Hamas war. Wheat quotations have, however, changed direction. The EU has sharply cut its corn imports and Australia is keen to fill the gap for rapeseed. Soybean exports have exceeded expectations in the USA and Brazil.

Israel-Hamas war drives wheat quotations

Grains markets initially reacted highly nervously to the events in the Middle East, especially since concerns over new sanctions against Iran, a financial supporter of Hamas, were being voiced. Drought-related risks in the southern hemisphere also supported the market. Wheat quotations, however, turned direction again in the middle of the week after Israel retook control in occupied areas and the FAO lifted its global wheat production estimates for 2023/2024 by 3.7 million mt to 785 million mt, global end-of-season stocks hav

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