- EU wheat faced further threats from Black Sea markets as Saudi Arabia relaxed its rules on import requirements and bug thresholds which will leave some EU exporters losing markets share to Russia in particular.
- Corn markets found support ahead of next weeks USDA reports due out on 12th August which will provide further information on US plantings in particular.
- Ongoing dry forecasts throughout the Midwest are helping to underpin corn and soybean values ahead of Mondays report.
- The devaluation of the Chinese Yuan is continuing to weigh on world commodities as the purchasing power of the major buyer declines.
- Global grain markets remain under political pressure as China and the US remain in a standoff with neither appearing to show signs of budging!
- Argentina are expected to produce a record wheat crop this year according to many estimates with farmers in the country having just completed plantings.
- Soybeans prices were supported today ahead of Mondays report and as the threat of dry weather boosted buying demand for the oilseed. Rapeseed prices in Europe followed suit, bouncing of the recent selloff as tight rapeseed supplies continue to underpin the commodity so heavily relied on by the EU biodiesel industry.