Continuing from yesterday’s pressured start of the week, crude oil has continued to trend lower today, falling below $100/Bbl before a slight recovery. Counteracting the ongoing concerns for Ukraine, growing Covid cases in China are now pressuring crude oil consumption outlooks.
While crude has been under pressure, grains have received a degree of support, alongside wheat, pushing up from $11/Bsh to $11.53/Bsh. With Chicago markets elevated, Paris milling wheat also received support, alongside UK Feed Wheat.
Looking to later in the month, and USDA perspective planting data will be released at the end of the month, with far higher input costs for corn and what has been a volatile market, planting outlooks are uncertain.
In what has been a very volatile month, catch-up with our Monthly Global Grain Outlook Report