The Agricultural and Horticultural Development Board (AHDB) has indicated that Russia and Turkey will be talking this evening to discuss the future of the Black Sea Grain Initiative.
Turkish president Recep Tayyip Erdogan also said today (Monday, July 17) that discussions will continue, however no further detail was given.
“Despite today’s statement, I believe that my friend, President Putin of the Russian Federation, wants the continuation of this humanitarian bridge,” he said.
“In the meantime, our Foreign Minister will hold talks with his counterpart. As soon as we return from our trip, I will also hold talks with Mr. Putin.”
However, the prospect of progress being made remains extremely unclear.
The agreement came to an end earlier today. Ukraine is now working on the prospect of exporting grain through ports located on the River Danube.
Great Britain grain
Meanwhile, the Great Britain winter barley harvest continues apace. AHDB is reporting that recent rains have halted combining operations to a very limited – and temporary extent.
This is in total contrast to the situation pertaining on the island of Ireland, where recent heavy rains and deteriorating ground conditions have brought harvesting operations to almost a complete halt.
The latest AHDB grain and oilseed weekly market report is confirming that the ending of the Black Sea Initiative may support global wheat prices in the short term.
In the longer term, however, global supply still looks to satisfy current demand.
According to AHDB, the northern hemisphere harvest will be watched closely, considering a more finely balanced global wheat supply and demand picture.
Where maize markets are concerned, US weather as well as the impact of the Black Sea Initiative are the short-term factors that are relevant.
Longer term, the global maize market still looks to be well supplied to meet demand.
Crop outlook
Meanwhile, the EU’s barley outlook is tighter for 2023/24, considering the drought conditions impacting in Spain. For the most part, however, barley prices are following the trends now impacting on other grain markets.
Last week, global wheat and maize markets felt some support overall, closing higher Friday to Friday.
Where rapeseed is concerned, weather remains a key factor in both the EU and Canada. Longer-term, global rapeseed markets look to be well-supplied.
US weather remains a key watch point in soya bean markets as the key growth stage for the US crop still lies ahead in August.
Drought conditions have been improving over the past few weeks with increased rainfall.
It’s thought that China, the world’s biggest importer of soya beans, will buy a larger volume than usual from Brazil between September and December this season.
Brazil has just registered a bumper soya bean crop.
This development, plus the prospect of drought impacting America’s mid-west during the period ahead, is thought to be the driving force behind China’s decision to develop closer trading ties with Brazil – where soya beans are concerned.
