Corn has been the driver of the cereal complex for more than one year and planting conditions in the US added to the level of the future crop in Brazil are focussing the attention.
In France, the lack of rain predicted for 10 next days is increasing producers’ concerns. Last Friday, FranceAgriMer said that wheat crops in France are 86% good to excellent, one point under the previous week. Conditions for the winter barley degraded by 2 points to 83%. The most significant decline is seen on spring barley at 88% of good to excellent, down by 4 points from the previous week. Corn plantings are estimated achieved up to 18% on April 12 vs. 23% last year to date.
German cooperatives estimates the 2021 wheat harvest at 22.63 million tonnes and the rapeseed harvest at 3.57 million tonnes, i.e. an increase of +2.2% and +1.6% respectively.
Soybean prices record further gains in a bullish context of veg oils.
The corn retreats as funds are taking profits on their long positions after the test of the 6 $/bushel threshold on the front delivery. However, the situation remains challenging for US corn plantings with delays compared to last year and a water deficit situation in place in Brazil.