UK Futures Markets remain volatile as impacts of lower harvest projections for EU / Russia being absorbed for Wheat. Dry weather forecast for UK continues to cause some concern for UK wheats, particularly on light land with lower moisture retention.
Crop Condition – US
- US corn rated 76% good / excellent down from 77% last week. (68% last year);
- US soybeans rated 71% good / excellent down from 73% last week (64% last year);
- US winter wheat was 51% harvested up from 41% last week.
A recent warming of the Pacific Ocean has led to a 50% chance of an El Niño weather event developing this year, according to Australia’s Bureau of Meteorology.
FCStone revised their forecast for Brazil to 117.36 million tonnes of soybeans this season. The consultancy predicts Brazil will export 70 million tonnes of soybeans in the current season, 2 million less than the government’s forecast