European market

The grain market was hesitant yesterday as strong areas of technical resistance approached for all products on Euronext and in the absence of new bullish elements.
The rise of the euro /dollar towards 1.1620 at the end of the day and especially the umpteenth decrease of crude oil below $ 100 per barrel in New York calmed the bullish impulses at the end of the day. With the exception of wheat, which, with a strong buyer interest on the Euronext front contract, closed up.
On the meteorological side, the return of the anticyclone over Western Europe is welcome for crops lacking light in recent weeks while in the Black Sea regular rains remain expected. The rain is also considered favorable for all crops in the United States although too late to save HRW wheat on the southern Great Plains.
On the geopolitical level, the discussions remain focused on the United States and Iran with new echoes of possible agreements broadcast yesterday at the same time as the publication of weekly stocks of crude oil and petroleum products in the United States reported a historic drop over a week of American reserves.

American market

The sudden drop in crude oil yesterday after new announcements of a possible agreement between the United States and Iran caused in its wake a generalized selling pressure on all products in Chicago. This is in addition to a weather context considered favourable by local operators. Corn and soybeans are down thanks to the good progress in sowing. Finally, only HRW winter wheat is suffering because it was too affected previously to take advantage of the current rains.
American traders are now waiting for concrete and tangible details regarding the possible trade agreement with China, on agricultural products, announced on Sunday.

Black Sea market

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