European market

The week begins with hesitation on the wheat market and correction on the corn market. The rebound observed over the last two weeks leaves room for more discussions in a context still dominated by Black Sea competition, particularly on wheat.
The situation is interesting to follow in Russia as local analysts reduce their production estimates one after the other, taking into account a spring wheat harvest affected by weather that is too dry on the European part of Russia and too wet in Siberia.
Rapeseed, for its part, is benefiting from the rebound in Canadian canola and American soybeans.

Statscan yesterday released its Canadian stock estimates for July 31, 2024:

All wheat: 4.583mn t vs. 5.625mn t in 2023
Durum: 0.576mn t vs. 0.574mn t in 2023
Barley: 1.222mn t vs. 0.708mn t in 2023
Canola: 3.092mn t vs. 1.853mn t in 2023

American market

Funds returned to purchases yesterday in Chicago on wheat, corn and soybeans. Position adjustments continue before the USDA report on Thursday, September 12.
Soybeans are the most sensitive to the relatively dry end of the cycle on the Corn Belt. Its firmness supported corn and wheat in Chicago yesterday.
In addition, Chinese purchases of US soybeans continue at a steady pace. The USDA announced yesterday a new exceptional sale of 132,000 t of soybeans to China.
The crop rating published yesterday evening by the USDA indicates that soybeans are maintained at 65% "good to excellent", which is better than expected and well above the 52% of last year to date. Corn lost -1 point over the week to 64% "good to excellent" in line with expectations. This also remains well above the 52% of last year to date.
The spring wheat harvest is still progressing well in the United States at 85% completion compared to 70% last week and 83% on average to date.

Black Sea market

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