Grain prices on Euronext went down
The physical prices for grains declined on the Euronext stock exchange. Particularly, the decline affected feed barley against the background of a significant weakening of the basis, Elevatorist.com writes.
"Euronext saw a sharp decline in prices both because of technical consolidation, and because of the sales of operators, including manufacturers, who took advantage of price increases at the beginning of the week and hedged a part of their future crop," the experts said.
They explained that from the point of view of technical analysis, this movement indicates short-term bearish indicators. In the long term, the weather in the Black Sea region in June can be a supporting factor for prices.
Reference: at the beginning of the week, wheat prices reached 10-month high and continue increasing on the US and European stock exchanges. The reason for the growth is the forecasts of dry weather with temperature rate of 30-35 °C for the next decade in wheat production regions — the USA, Ukraine and Russia.