Weekly rains benefit crops in the US with further rains forecast to fall in coming weeks, as conditions overall improve during the key month of August for corn.
Wheat harvest continues across Europe and the Black Sea with mixed results. Black Sea wheat values are rising as yields prove below expectations, whereas in Europe, French harvest progress is slow at August 2nd with 66% harvested compared to 97% last year.
Conditions are improving with 74% rated as good to excellent in France, although further north in the UK rains have continued to fall hampering harvest progress for barley and wheat quality prospects.
Corn and soybeans export inspections in the US declined sharply on last year and last week, although China did return to the market last week for 130KT of US soybeans
Crude oil prices have been under pressure fell 4%, weighing on wider commodities as China implemented more travel restrictions to fight further COVID outbreaks.