Following a hotter and drier period in Europe, further rainfall is now forecast across continental Europe, the UK and Black Sea. Grain and Oilseed confidence remains high, and forecasts are positive for harvest 2021 production outlooks.
Several parts of the US however, have undergone another prolonged hot, dry spell in areas of the Corn Belt, with subsoil moisture suffering as a result. There is confidence looking forward as some weather models forecast improved amounts of rainfall in the next 10 days.
Due to the dry weather in the US, crop condition scores for corn, soya and wheat have been negatively impacted.
The key for the overall oilseed market direction will be the confidence in the new crop production. With four months still to go until the US soybean harvest is well underway, the very tight stock situation also remains an important factor towards the market.
Further talks that Joe Biden may adjust the biofuel mandate also continue to weigh on the soyoil/bean market.
The Pound Euro (GBP/EUR) has strengthened with the Pound Dollar (GBP/USD) weakening.
If you have any queries please do not hesitate to ask.
Contact the office on 01409 254 300 for on farm prices.