Report Highlights:

• Wheat - Prices gain, as supply outlook tightens a notch
• Corn - EU, export price signals challenge supply complacency
• Crop Condition & Weather - Australian and Canadian dryness

GGO provides a longer term, opinion based outlook for grains and oilseeds markets, complimenting our regular insights, S&D and price forecasts

-Grain Price Forecasts (US, EU, UK)
-Grain and Oilseeds Analysis
-Global Balance Sheets
-Prices

The latest April USDA WASDE was broadly supportive for wheat and corn, with a marginal easing of global soybean supply and demand. However, while the soybean picture is for marginally eased global supplies, this is against a backdrop of minimal US stocks.

The USDA, in its Wasde crop report yesterday, highlighted the dent to the EU’s wheat export fortunes from strengthened competition from Russia, whose strong 2023 harvest and low prices have enabled “unabated shipments”.

The persistence of wetness in western Europe has added support to the outlook for barley prices.

Report Highlights:

• Wheat - Prices find support, as geopolitical jitters grow
• Corn - Early signs positive for US corn, but harvest a way off yet
• Crop Condition & Weather - European outlook for May and June