Euronext at the beginning of the week

• The rally in Paris stock prices since the end of last week continues into the beginning of this week. Prices are correcting slightly downwards, with the exception of maize, which is recovering strongly to EUR 200/t on Euronext.

Wheat remains split between support from the recent wave of Chinese purchases and competition from an increasingly large Russian wheat crop at ever-lower prices.

Canola, while abundant in Europe, managed to limit its decline yesterday for the other major oilseed markets: canola in Winnipeg, palm oil in Kuala Lumpur and soybeans in Chicago.

On the climate front, abnormally dry conditions persisted in central Brazil, central Argentina and western Australia.

Oil finds some timid arguments for relaxation, on the one hand, in the perspective of the lifting of American sanctions against Venezuela, in exchange for the organization of new elections in this country, and on the other hand, in the context in which Egypt is willing to organize a conference this Saturday international to resolve the current crisis in the Middle East.

After rising last week, wheat and corn prices in Chicago fell slightly, pending further news.

The fall harvest is progressing quickly in the United States, limiting price growth. According to the USDA, 62% of soybeans have been harvested, compared to a five-year average of 52%. Maize harvest was 45% complete, compared to an average of 42%. Wheat sowing is within normal limits, at 68%.

While China is largely absent from the US corn export market, Mexico is making its presence felt. Yesterday, USDA announced a one-time sale of 200.000 tons of corn to Mexico.

Euronext quotes 16.10.2023 (GMT+1)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor of Arta Albă

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