News TA
Grain TA
Wheat prices corrected on both the Matif and CBoT. According to Turkish President Erdogan, the planned meeting with Putin in August could revive the deal. And although according to the Russian Ministry of Foreign Affairs there is no longer a safe corridor but only a high-risk zone, the market still seemed to attach value to the words of the Turkish president on Friday. Today (Monday, July 24), the Russian secret service FSB announced that it had found traces of explosives on a grain ship en route to the Russian port of Rostov-on-Don. The ship in question was in Ukraine in May and, according to the FSB, may have been used to bring explosives to Ukraine.
Corn was caught up in the negative mood on the wheat market. Furthermore, reports from Brazil put pressure on the market. According to AgroConsult, the second crop of maize (after the first crop of soy) is doing better than expected. The agency previously estimated the yield at 102,4 million tons and this has now been adjusted to 107 million tons. AgroConsult expects Brazil to export 54,1 million tons of corn this season compared to 46,5 million tons a season earlier.
Soya took a step up on Friday. Market players are nervous that dry and warm weather is returning to the US. And while the short-term reports show an improvement in crop growth.
Jurphaas Lugtenburg
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