The total decline on September 21, 2020, was observed in all markets, both commodity and stock. This is associated with the development of the COVID epidemic, which again leads to fears of new restrictions in many countries, which, in turn, could lead to a new downturn in the world economy.
вЂњIn agricultural markets, funds have accompanied these fears by fixing profits on long positions accumulated in recent weeks,вЂќ the statement said.
According to the material, Egypt is using this decline to resume tenders for the purchase of wheat with delivery in the period from 21 to 30 November. This tender is funded by a 180-day letter of credit, in this context allows you to count again on the Black Sea origin.
Analysts say that rapeseed prices have fallen following crude oil and canola, mainly for economic reasons, while fundamentals still promise some tensions over this product, especially given the conditions of the 2021 crop, with severe moisture shortages in Western Europe and the Black Sea region.
In addition, yesterday in Chicago, all products also showed a sharp decline, with funds began to sell contracts en masse due to fears of a second wave of COVID and a slowdown in economic activity and demand.