2023-10-04 12:34:41
THE price of wheat and corn fell back into negative territory this Wednesday mid-session on Euronext. The trend is notably pushed back into the red by rumors suggesting a potential renewal of the secure corridor in the Black Sea from October 5.
The number of grain-laden ships entering and leaving Ukrainian ports is also increasing rapidly, allaying fears regarding the country’s ability to restart exports via the Black Sea.
Corn, for its part, continues to come under pressure from the French, American and Ukrainian harvests. The rebound in the Eurodollar parity following hitting its lowest level of the year on Tuesday also contributes to the withdrawal of European quotations.
Shortly before 2:00 p.m., Euronext wheat due December 2023 fell by €2.25/t, to €234.25/t, while the March 2024 contract sank by €2.25/t, to 240.75 €/t. Euronext corn for delivery November 2023 fell by €1.25/t, to €205.75/t, the March 2024 term fell by €1.25/t, to €213.5/t.
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