Through the 2H February, spot corn and wheat prices underwent the largest selloff since early December on an optimistic 2023/2024 production outlook and concerns surrounding the macroeconomy. This is certainly a positive development for those hoping food inflation, which remains at sky high levels, could show signs of easing. Nonetheless, prices have attempted a small rally through early-March, a reflection the market could be oversold. Seaborne trade flows, especially for corn, struggled mightily in February, pacing well under year earlier levels. This update dives into the specifics.
On October 30th the Russian Federation suspended their participation in the Black Sea Grain Initiative. Instead of freezing the current backlog of laden vessels, Turkish and UN delegations have instead reacted swiftly by increasing inspections in the Marmara Sea.
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The Black Sea is one of the regions the early users of Kpler Grains & Oilseeds watch the most. Let's have a look at a few interesting moves identified by Madeleine Overgaard, Grains Analyst.
