European Wheat Sinks Despite the Exchange Rate Decline
By ODA UK | Published at
Today's news from grain markets was quiet. Wheat prices sank on Euronext despite a slight increase in U.S. prices as the European session ended and the ongoing slump in the euro-dollar exchange rate. Talks between Algeria and Russia still seem to be pressuring European prices a bit. At the same time, sowing is moving forward at a good pace in the United States with 43% of acreage planted according the USDA's crop progress report.
Tunisia issued a call to tender for 75KT of soft wheat, 50KT of barley, and 50KT of durum wheat.
In terms of oilseeds, as the European market closed, soybean prices rose slightly. Heavy rains are forecast this week across a large portion of the U.S. soya production region, which could lead to harvest delays. We note 23% of U.S. soya acreage had already been harvested as of last week, the same level as last year.
On the Canadian market, canola continues to advance due to snowy and rainy weather in Canada that is slowing the harvest.
In terms of oils, soybean oil rebounded in a market still being supported by crude oil. However, palm did not follow the move and fell slightly.
Lastly, long-term rapeseed expiries are still climbing while the Nov.-18 expiry closed slightly lower.