Russian Grain Markets: 6–10 November 2023 Russian markets remained quite volatile last week with the European area stable and bearish but the Asian part stable and bullish thanks to demand from Kazakhstan. This can move into a stagnation period where, with no fundamental factors involved, prices will depend on domestic supply, forex, export duties and the willingness of the farmers to sell. The Russian wheat crop is huge for the second year in a row so prices may stay stable for a while unless a major foreign trade event happens. Because the RUB has been stronger and more stable recently, export duty levels for 15-21 November increased for wheat, remained duty free for barley, and decreased slightly for corn.
Wheat: $49.4...
What You Need to Know Today: Crude oil prices dropped sharply with traffic flowing through the Strait of Hormuz. There were reports that Iran was behind an attack on a cargo ship near the coast of Oman, which would be a violation of the memorandum of understanding between the U.S. and Iran. Pr...
On Wednesday, the White House submitted a national security supplemental spending request for $87.6 billion. The majority of the request includes funding for the conflict in the Middle East, but there are agricultural provisions as well. The supplemental funding package includes more than $11 b...
