In a risk off day for wheat, markets have been under pressure in the US, EU and UK. A slightly more favourable weather outlook for Texas has emerged, but dryness in the US continues to be a concern especially for winter wheat and the limited forecast rainfall is patchy.

Corn markets however remain supported today, with old crop US corn pushing back up through $8/Bsh today.

Dryness in Brazil is also becoming a concern for corn with little rainfall forecast through to the end of the month for key states such as Mato Grosso.

US soybean markets also received support today pushing back up to near contract highs for May Chicago soybeans, while rapeseed also pushed higher.

Look out for tomorrow’s USDA export sales, expected to be supportive for US corn and soy.