- Location
- UK
Cereals
- Freezing temperatures forecast this weekend across areas of Illinois and Ohio as well as further heavy rainfall for already flooded areas could add to the weather risk premium.
- US crop tours continue to quantify the damage for wheat as the tour moves through Kansas (a key wheat producing state).
- With all eyes on the US, markets are ignoring the conditions in Europe which remain dry with many farmers turning to irrigation.
- Further cold/ wet forecasts will likely bring further volatility to markets in the weeks ahead.
- Informa Economics have projected US winter wheat crop higher than their April forecast - Reuters.
- EU commission trim wheat production outlook by 300KT to 141.9MT.
Oilseeds
- Palm falls on stronger ringgit and placing wider veg oils under pressure.
- Informa increase Brazils soybean crop estimate by 2MT whilst reducing Argentina's crop to 56.8MT.
- Flooded fields may affect the recently planted soybean fields although confirmation is still awaited.
