Return of the grain price on the European stock exchange

• Grain prices rebounded strongly yesterday 13.03.2023/60/XNUMX amid disappointment over the Corridor agreement in place for Ukraine, with Russia seeking to extend the agreement for just XNUMX more days.

Traders were expecting a much longer extension, and this 60-day term generates uncertainty in the profile market. It is the global financial sector that shows the most turbulence at the beginning of the week with the bank failure SVB of California, which revives the specter of the crisis of 2008.

Internationally, Algeria bought at least 420.000 tonnes of milling wheat and Saudi Arabia just over 1 million tonnes, both from undisclosed sources. The same is true for Tunisia for a volume of 234.000 tons.

The price of Russian wheat fell last week, but less than on the exchange from Euronext, which allowed wheat from other European sources to regain competitiveness.

In Ukraine, farmers are facing difficulties in terms of seed supply, and the sown area will again decrease for the 2023 harvest.

In Brazil, appropriate AGRural, 53% of soybean acreage had been planted by last Thursday, compared to 64% last year. This delay in sowing will lead to a delay in the harvest and, as a consequence, in the sowing of corn. However, corn production remains estimated at a record high, according to many analysts, more than 125 million tons.

Oil is the most affected by the economic situation, falling this morning to $73,80 a barrel in New York. In this context, rape continues to decline, especially due to the continuation of massive imports into the EU.

Euronext quotes on 13.03.2023/1/XNUMX (GMT + XNUMX)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor of Arta Albă

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