Alongside reports of constructive talks between the UN and Russia about exports of grain and fertiliser out of Ukraine and Russia, weather forecasts point to much needed rainfall across Europe.
Consequently, global wheat and corn markets have come under pressure again today. Heading into the four-day Jubilee bank holiday, November-22 UK feed wheat fell below £300/t today, reversing all of the gains made in May as new crop Chicago wheat fell over 4%, alongside a substantial fall in corn.
Spring wheat planting in the US continues to lag well behind average. By the 29th of May, spring wheat planting in the US reached just 73%, well below the 92% 5-year average for this time of year. North Dakota is the largest concern, having reached just 59% complete its significantly behind the 91% long term average. However, while spring wheat is undoubtably delayed, in just one week 25% of US spring wheat was planted.
Winter wheat remains in poor condition, at 29% good and excellent, up just 1 percentage point from the previous week.
Planting of corn in the US has continued to make rapid progress, reaching 86% complete by the 29th of May, leaving progress just 1 percentage point behind average. Emergence of US corn, reaching 61%, has also been catching up with its long-term average (68% emerged).
Soybean planting has also made good progress, and at just 66% is only one percentage point behind average, emergence of soybeans at 39% is just 4 percentage points behind average.
