European market

The euro's downward movement against the dollar, below 1.07, and renewed tension over the conflict in Ukraine pushed prices strongly up at the end of last week.

Grain prices on the Euronext market rose on Friday, showing a rebound of +5.25 and +4 €/t respectively on the nearby wheat and corn maturities. The prices are thus back to the highest levels since one month.

However, the upward movement was smaller for oilseeds. The MPOB figures published on inventory size have weighed on palm oil prices. The Malaysian monthly stock in January increased by +3.2% compared to the previous month, despite the decreases in production and exports observed.

American market

Prices in Chicago finished the week on a positive trend. The cereal market was up for both wheat and corn. SRW wheat gained more than 28 cents/bushel on the March 2023 maturity. The rise was also visible on the following maturities which closed Friday's session below the $8/bushel level.

The increased bombing in Ukraine on Friday brought a renewed firmness amid uncertainties related to existing challenges (corridor, crop rotation ...). This has encouraged buying operations from financial funds in Chicago. However, the weight of these players remains difficult to assess at the moment. The technical difficulties following the cyber-attack on the ION system have directly impacted the CFTC's ability to draw up its weekly position monitoring report.

Soybean prices also rose. The March 2023 maturity marked a sharp rebound, closing the week above $15.40/b. Even if prices did not end the day on the highest traded during the session, this contract posted a clearing price at its highest since last June. Meal prices, are posting new highs, buoyed by the delay in the South American harvest.  

Black Sea market

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