Today is USDA report which will be released 5pm UK time. The trade will remain fairly quiet awaiting the detail. Soybean/ Corn crops in S. America are reduced but the trade was already aware of this, the question will be how the dry weather impacts crop conditions. Yesterday wheat markets across the globe saw a rally on the back various tenders hitting the market. Overnight US markets are flat.
OSR remains very volatile on the old crop with swings of €40 in a day not uncommon. New crop OSR is steadier on the back of a larger crop and traders focussing on how old crop will play out. The premium of old to new is currently €156 and this will have to come into line as the season goes on.
Oil has crept back over its recent contract high over the past four days. If oil keeps rising then this will add to the general woes of various economies. The Russia Ukraine spat not helping the market and North Kore continuing to test new missiles adding to uncertainty. Natural gas has also rallied but is still $2 off its high when it sparked panic in EU markets.