- Location
- UK
Wheat corrects lower as signs of rain loom
Cereals
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Oilseeds
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Cereals
- Wheat prices retreated lower as signs of rain across arid winter wheat areas in the US (Kansas and Oklahoma) and in Russia muted some of the concerns in the market - see charts of the day.
- Black Sea rains have helped extinguish some of the concerns around production in Russia, whereas dry European weather has led to lower estimates for wheat and OSR this year.
- Furthermore, rains in Australia helped to ease concerns of crops being planted into a dust bowl.
- Conab will publish their report tomorrow where dry conditions are expected to lead to a further drop in production.
- Egypt has apparently purchased 70% of the 4MT of wheat that they wish to purchase off local farmers this harvest.
- Traders have been managing risks today ahead of the USDA May report which will be released tomorrow. This report will provide the first insight into 2018/19 world S&D. The report is seen as a major USDA report for the year.
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Oilseeds
- Poor conditions have likely already had a detrimental impact on EU rapeseed crops helping support prices.
- Funds sold positions on soybeans as the took position ahead of tomorrows USDA report.
- WTI was up over 3% as the US backed out of the Iran nuclear deal and promised to implement tougher sanctions, this helped underpin veg oils.
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Futures & Options prices