Grain prices responded as tensions in the Middle East abate

Alexey Eremin, Agritel analyst
Photo by: Latifundist.com

De-escalation in the Middle East has returned buyers to the Chicago Mercantile Exchange (CME), Alexey Eremin, Agritel analyst informs.

"Grain prices remained both stable and even positive. The Black Sea market was expected to show growth, primarily due to the Egyptian wheat tender. At the same time, de-escalation in the Middle East has returned buyers to the Chicago Mercantile Exchange, where traders, in turn, adjust positions ahead of the release of the January USDA report," comments the expert.

The basic expectations from the January report, he says, are related to a possible downward revision of corn production in the U.S.

Reduction of tension between the U.S. and Iran led to crude oil prices dropping to around USD 60 per barrel on the New York market, Agritel informs.

The euro is weaker at 1.1120 vs dollar.

S&P Global Platts reported the latest price adjustment for corn, wheat and sunflower oil.