The grain market was focused on a renewal of the Ukrainian grain corridor. At the G20 summit on Wednesday, November 16, Russia expressed its support for an extension of the grain deal.
The country makes it a condition that deliveries to poorer countries continue and that this is monitored, Russian Finance Minister Anton Siluanov said. No official extension has yet been announced for the grain deal that expires this Saturday, November 19. It was unclear for a long time whether the extension would come, although analysts assumed that it would.
After the missile strike in Poland, which was probably caused by a Ukrainian anti-aircraft missile, futures market prices fell on Wednesday morning 16 November. But traders are no longer as easily stressed as they were shortly after the outbreak of war in Ukraine. Price fluctuations are expected to continue in both the short and long term. The unrest and uncertainties in the world are still too great. In the longer term, the wheat supply from the southern hemisphere will have more influence on the market.
International wheat prices came under pressure last week, partly due to Russian wheat being offered competitively on the world market. The physical market prices this week are one step lower than the previous week.
There is a reasonable balance between supply and demand in the world for corn. In the short term, prices will respond to developments in Ukraine and in the longer term, South American corn yields will have a greater impact on price levels.