Market Overview
A volatile start to the week as Vladimir Putin retaliates the bombing of the Kerch Bridge. Wheat and Soya were up £40/T and £25/T respectively.
There is a backlog of 100 ships in Istanbul (totalling 2.1 million tonnes of grain) waiting to pass inspections.
Low water levels along the Mississippi River lead to logistical issues and increased transport costs.
English Wheat harvest is estimated at 14.4 million tonnes, an increase of 12% on last year.
A bearish USDA report this week for Maize and Wheat but a bullish report for US Soya with anticipated yields lowered. Eyes now focus on South America as big crops are anticipated with many projecting a record crop for Brazil and Argentina combined.
For Maize, eyes also turn to South America planting, with current reports stating that the 2022/2023 planting season in Argentina getting off to problematic start due to dry weather conditions.
The UN are traveling to Moscow the weekend to discuss the renewal of the grain corridor out of Ukraine and the Black Sea. The current deal is due to end on November 22nd.
