As reported last week, international wheat markets fell last Monday as hopes that the latest round of Russia-Ukraine peace talks were making progress.

However, as attacks continued, markets firmed midweek. This move was more subdued, in anticipation of the United States Department of Agriculture (USDA) quarterly stocks and prospective planting reports.

Wheat estimates were largely in line with trade expectations, according to the UK's Agriculture and Horticulture Development Board (AHDB), although a trim to expected stock figures leant a little support.

Moving into the new week, markets are once again showing their unease.

The limited rail exports moving from Ukraine are struggling with backlogs, exacerbating an already tight situation.

Additionally, Kazakhstan is considering limiting its grain and flour exports, following Russia’s ban on their shipments.

Maize

Global new-crop maize markets witnessed more of an upward bounce from the USDA report.

At an estimated 36.22 million hectares (Mha), this was 2.7% back on the average trade estimates.

With rising input costs seemingly pushing growers to soya beans over maize, the reduced area increased concerns about availability, the AHDB stated.

While Ukraine has announced that spring planting is under way, it is still unclear how much of this will be dedicated to maize, rather than oats, peas and barley.

Ethanol

Bioethanol demand for maize also remains strong.

The US administration is considering allowing summertime sales of E15 and news also came on 23 March that Brazil was lifting its 18% tariff on US ethanol imports until the end of the year.