Cereals at the Paris Stock Exchange

• The wheat market is boosted earlier this week by a new offer request from Algeria.

Russian-origin grains are still dominating, but Euronext wheat is correcting some of last week's gains linked to a new wave of French wheat purchases by China.

The situation remains complex regarding Ukrainian grain imports into Europe, between the positions of the European Commission, neighboring countries, which want to impose a unilateral ban on imports, and Ukraine, which the EU is asking to regulate its exports.

In the case of corn, the ratio MARS reduced forecast production in the European Union to 7,26 t/ha from 7,45 t/ha, mainly due to late season drought in Romania and Bulgaria.

Meanwhile, canola is suffering from North American crop pressure. The oilseed sector is thus distancing itself from oil, which continues its upward trend to over $91/barrel in New York today.

American market

Chicago wheat, like its Paris counterpart, is under competitive pressure from Russian origin, which remains highly competitive for export. The possibility of two ships loading wheat in Ukraine's Odesa region is also weighing on wheat prices.

Corn and soybeans are also down as harvest pressure begins in the United States. Last night, USDA reported that the harvest was 9 percent complete for corn and 5 percent complete for soybeans, more than average.

Meanwhile, harvest status has stabilized as expected at 51% "good to excellent" for corn and fell 1 point to 52% "good to excellent" for soybeans, versus -2 points expected. In both cases, the crop rating is lower than last year.

Despite a new sale of 123.000t of US soybeans to China announced yesterday by the USDA, soybeans fell sharply last night in Chicago, returning to their lowest levels in a month.

Trading quotes Euronext 18/09.2023/1 (GMT+XNUMX)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor of Arta Albă

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