| Earlier today grain and oilseed markets initially fell, but then went on to finish the day higher, fuelled by strong gains in corn. Wheat markets have recently been fuelled by increased global demand and concern about supply. This morning’s bearish start to the day followed yesterday’s US crop progress report with a relatively positive week for corn and soybean harvests. Further adding to a bullish global wheat export market, Morocco is reported to be removing import duties on wheat, a move to ease domestic prices amid what has been a global rise in wheat markets. Contributing toward the day’s strong gain in corn markets has been further US domestic demand confidence. US ethanol production last week was close to record-breaking output at 1,106k barrels per day, this level of production falling just shy of the all-time record of 1,108k barrels recorded in December 2017 while stocks were also marginally reduced, highlighting the strong demand. |
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