Prices for wheat, soybeans and corn recovered somewhat against the background of negotiations between the UN and the Russia on the further work of the grain corridor

At the end of the week, there were no sharp price jumps, only traders made small technical purchases, locking in profits.

UN representatives said that they are making significant efforts to export 20,000 tons of Russian fertilizers stuck in European ports, and hope to resolve this issue by the deadline for the extension of the grain agreement. At the same time, Russia claims that the UN does not fulfill the part of the grain agreement, which refers to relaxation for the export of Russian fertilizers and food, therefore it does not want to continue the work of the grain corridors.

Western sanctions imposed on the Russian Federation for its invasion of Ukraine are not aimed at Russian products and fertilizers, but they complicate their supply by limiting financing, logistics and insurance. Therefore, the Russian Federation demands that the sanctions against Rossilhospbank be eased so that it can resume cooperation with correspondent banks.

Over the past week, as in the past month, wheat and corn prices fell, while soybeans and canola rose in the wake of oil prices, but on Friday wheat prices rose in anticipation of new balances from the USDA. In particular, futures rose:

• by 0.9% or $2.66/t to $311.5/t – December futures for soft winter SRW wheat in Chicago (+1.3% for the week and -4.6% for the month ),
• by 0.3% or $0.69/t to $268.1/t – December corn futures in Chicago (0% for the week and -0.4% for the month),
• by 1.7% or $9.09/t to $533.3/t – November soybean futures in Chicago (+4.6% for the week and +6.2% for the month).

At the same time, prices fell on the European Euronext on Friday:

• by €1.5/t to €339.25/t or $337.2/t – December wheat futures (-4.3% for the week and -3% for the month),
• by €2.75/t to €333.5/t or $331.49/t – December corn futures (0% for the week and -2.2% for the month),
• but rose by €4.75/t to €664.75/t or $660.75/t – February rapeseed futures (+4% for the week and +3.9% for the month).

In the updated balance of supply and demand, which the USDA will release on November 9, it is likely that there will be increased forecasts for the yield of soybeans and corn in the United States, as well as adjusted estimates of the harvest for Argentina, Australia and the Russian Federation, which will not significantly affect ending stocks.

Tags: Australia, Ukraine, Russia, prices, soybean, wheat, rapeseed, USA, Argentina