Grains and oilseeds: surprise twist

April 28, 2023 at 12:22 PM , Der AUDITOR
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BRUSSELS. As the uncertainties over the extension of the Black Sea Grain deal prevail, the prices for wheat and rapeseed should have skyrocketed. Instead, the opposite is the case. Brazil’s bumper crop is also adding considerable pressure for soybeans and many EU member states will produce less corn.

Wheat traders fed up with Russian bickering

Processors and traders have had enough of the persistent geopolitical tensions in the Black Sea and attention has rather shifted to the fact that inflation is weighing on buying for wheat. Transits for Ukrainian grain have resumed in Poland again after a one-week suspension. Import bans, however, remain in place in Poland and other neighbouring EU member states. Wheat quotations have declined sharply from EUR 390/mt to EUR 190/mt in Poland.

Drought in southwestern Europe has prompted Refinitiv Commodities Research

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