Wheat and maize prices on the Matif fell through the day on Monday. At the CBoT, the December grain contract is currently on the rise. The maize price is lower on both exchanges. The price of soybeans is on the rise.
Wheat prices closed considerably lower on Friday. In part due to the hope that progress would be made in the talks on an extension of the grain corridor. The CBoT opened much higher on Monday. The December contract has been on the rise all day. A specific explanation for the differences between the CBoT and the Matif for the grain market cannot yet be given.
Concerns about the survival of the grain deal are pushing prices higher as fighting between Ukraine and Russia intensifies. Putin's statement that Russia is prepared to withdraw from the grain agreement if it becomes clear that it is being used for acts of terrorism also does not leave the market untouched.
Grain deal
Russia has made it clear to a senior UN envoy that the extension of the grain deal depends on the West easing Russian grain and fertilizer exports. The Ministry of Defense said this in a statement
Deputy Defense Minister Alexander Fomin told UN Undersecretary Martin Griffiths that the extension of the deal is directly related to the full implementation of all agreements agreed in the previous agreement.
Russia is currently unable to export fertilizers and crop protection products due to the impact of sanctions on transport, payments and insurance, the country says. Relaxing these restrictions was a key part of the deal signed in the summer.
Corn
The December corn contract entered the weekend lower on Friday. Concerns about weak demand drove prices, as did lower-than-expected weekly exports. Cumulative purchases are behind last year's schedule by 14,2 million tons. The price drop continues on Monday. Also because of the American corn harvest, which is making good progress. In addition, corn traders are also watching the negotiations on the grain agreement.
Soybeans
The November soybean contract also closed lower on Friday. This is due to the good harvest, especially in the US. The export level is in line with expectations. Cumulative US sales are 1,9 million tonnes ahead of schedule. On Monday, soybean prices on the CBoT are fairly stable at the time of writing. The good weather makes harvesting easy. The strong dollar makes actual exporting more difficult.
Futures
The price of the December wheat contract on the Matif is currently 0,58% lower than Friday's closing price; at €338,25 per tonne. In Chicago, the price is currently 1,28% higher at $320,04 per tonne. The December corn contract on the CBoT is 0,83% lower at $269,27 per tonne. The November corn contract on the Matif stands at €338,25 per tonne on Monday afternoon. That is 0,59% lower than at the end of the day on Friday. The price of soybeans is slightly higher than Friday's closing price of $508,90 per tonne. An increase of 0,07%.