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Futures Close 24/06/22

G7 – discussions of temporary waivers to biofuel blending targets helping push markets lower – G7 due to meet on Sunday.  Talk of prioritising crops for food consumption rather than fuel.

Largely this would effect maize / wheat for ethanol and OSR for biodiesel.

UK government have indicated their willingness to assist in de-mining operations in the Black Sea region to open up access to Ukraine ports to facilitate grain exports, there is also a willingness to assist vessel owners to get insurance on their ships for the Black Sea region.