Across Europe, the UK, Ukraine and Russia, new crop wheat production confidence is increasing with good volumes of rainfall combined with warmer temperatures seen over the past couple of weeks .
Spring Wheat in the US and Canada is however becoming a concern. Long run weather models forecast dry weather and below average rainfall for July with soil moisture already becoming severely depleted.
Soybean planting is nearly wrapping up in the US, having reached 90% complete by the end of last week, well ahead of the 79% long term average.
Although we saw prices for Hi Pro Soya firm last week, we are seeing the market begin to ease again.
There was a noticeable absence of Chinese purchases of US Corn last week, but there remains a risk that China could well come back strong, and combined with the ongoing weather market, has the potential to push new crop corn markets higher.
Over the coming months the weather in the US is going to be a key driver for global markets.
If you have any queries please do not hesitate to ask.
Contact the office on 01409 254 300 for on farm prices.