Euronext Sees a Limited Decline
By ODA UK | Published at
In terms of grains, wheat prices sank on the U.S. market after a weekend of precipitation, which was favourable for planting, fell across the main U.S. winter wheat production region. At the same time, a Russian analyst revised its Russian wheat production estimate higher by 500KT to 69.8MT, which added a bit more pressure. Indeed, harvesting made good progress in Siberia last week, which significantly eased the risk of unharvested acreage.
In the wake of Chicago, Euronext wheat slumped. However, the slide was limited by another drop in the euro-dollar exchange rate and by last week's strong European wheat exports (621KT, including 74KT revised from previous weeks).
On the oilseeds market, canola prices were quiet today because of a holiday in Canada.
In terms of U.S. soya, as the European market closed, soybean prices were near equilibrium in a market that found some support in the arrival of rain that fell across the Midwest this week.
Palm oil prices fell in the wake of crude, which sank. Indeed, reduced crude oil supply from Iran could, in the end, be less dramatic than expected.
Penalised by declines in palm and crude, rapeseed prices finished the day lower.