European crop monitoring service (MARS) reduced its forecast for 2018 Rapeseed yield across the EU to 3.19 tonnes per hectare from previous forecast of 3.33 t/ha. This is 2.9% below the 5 year average. This is owing to adverse weather during April flowering period for the crops.
For wheat – Mars cut its 2018 yield forecast to 619 t/ha from last month 6.23 t/ ha; that is still higher than last year by 1.3% and exceeds the 5 year average by 3.6%.
Global markets currently weather focused as dry conditions across US Southern Plains / Canada / Eastern Australia and Southern Black Sea / Russia all point towards potential production issues which are supportive to prices for the moment.