|In what has been a mixed day for markets, weather forecasts for large parts of US winter wheat are now once again showing little beneficial rainfall over the next week and crop conditions remain a concern.
Concerns surrounding Ukraine have also continued to be a driver of markets, with rapeseed continuing to push higher, alongside wheat and corn. UkrAgoConsult estimated that the corn area will be down 29% year on year, which is being viewed as an optimistic scenario. Read our assessment of corn prospects alongside this week’s grain report on GrainTab
After a brief pause in export sales of soy oil and meal out of Argentina, sales are now reportedly once again resuming. As suspected, the pause in export sales has been to allow the government to intervene and increase taxes on exports, rising from 31% to 33%.
In the US and a further sale of 240Kt of soybeans have been reported, US soybean exports have continued at an above expectation pace over recent weeks, watch out for a further potential tightening of on-paper US stocks.