After yesterday’s US market closure, today has been a day of pressure across the board.
In the US, contributing toward what has been a day of pressure, the 7-day outlook for rainfall across the US has improved, bringing rainfall to much of the extreme heat impacted regions. This evening the USDA will release their weekly crop progress report, delayed due to yesterday’s US holiday. A slight decline in both soy and corn condition scores are expected.
In Europe, the recent heatwave has come to an end, with rainfall having arrived at the weekend and forecast across Europe over the next week. After the recent hot spell, rainfall is welcome, also adding to today’s pressure.
The yield outlook for EU winter crops was slightly reduced for the third consecutive month by the EU commission. At the EU level, the yield forecasts for soft wheat, durum wheat and winter barley are now just below the 5-year average. The forecasts for rapeseed, maize and sunflowers were also reduced but remain at, or just above, the 5-year average. Read the full report here