News today has centred around reports for a pullback in Russian troops. While an easing of market concern for tensions has been positive for equities, commodities have been under pressure as market concerns for potential supply disruptions eased.

Brent crude fell back below $95/bbl, alongside a general ease in agricultural commodities.

Wheat has also been under pressure. Chicago wheat, Paris milling and UK feed wheat all losing ground, breaking the recent upward trend.

But it hasn’t just been wheat under pressure today. Chicago corn also moved lower today, undoing the recent push higher in markets.

Continuing with a focus on Russia, SovEcon raised its forecast for the 2022 Russia wheat crop by 3.6Mt to 84.8Mt. With good weather conditions in Russia and across Europe, confidence remains high for next season, although harvest is still a long way off. Read more in our Monthly Grain & Oilseed report.