European market

With the euro falling to close to its lowest level since last November, old crop prices closed slightly higher yesterday. The euro's sharp fall since the ECB's last meeting is providing support for European commodity prices. Today's GASC call for tenders for May loadings will highlight the price spread between European and Black Sea origins. As in previous Egyptian tenders, the terms of payment by letter of credit will be either 180 days or 270 days.
In France, progress has been made on the spring plantings. The latest figures from FranceAgriMer show that spring barley sowing is nearing completion and corn sowing has started. However, the weather conditions remain to be monitored, with cold weather forecast to return to several production areas.
In the oilseed sector, despite the firmness of crude oil prices in the face of the situation in the Middle East, old crop prices were little changed, reflecting the fall in palm oil prices in Kuala Lumpur and Canadian canola prices recorded yesterday.

American market

Prices fell in Chicago yesterday, reflecting the further strengthening of the dollar. Economic indicators remain favourable in the USA to date, leaving traders waiting for a change in US interest rates. The dollar's strength is mechanically depressing the price of US crops, in a context where exports need to become more competitive, particularly against South American origins.
Exceptional new corn sales to Mexico have nevertheless contained the downward trend, with 135,000 t sold in the current season and 30,000 t in the new season.
Figures on crop conditions and planting progress were released last night. The USDA confirmed the progress made in corn and spring wheat sowings, each up 4 points on the previous week, reaching 7% for both products. Soybean sowings are just getting under way, at 2%. The condition of winter wheat crops has deteriorated slightly, down 1 point on last week, with 55% of acreage deemed to be in "good to excellent" condition. These figures were in line with traders' expectations, implying little change at the opening of the market this morning.

Black Sea market

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