Today has been a mixed day for trade, weighing up potential crop pressure alongside large economic policy implications.

From a crop development perspective, today has mainly been focused on the extreme heat sweeping across the US. With corn just emerging, there are concerns that the sudden extreme temperatures will be detrimental for corn prospects. Temperatures in the US are forecast to reach the high 30’s across winter wheat areas, particularly Kansas.

Crude oil markets have fallen away slightly today, as August Brent briefly fell back below $120/bbl before a marginal recovery. As fuel costs continue to climb, President Biden has called for the refining industry to address the climbing costs.

Also weighing slightly on markets today is anticipation of the US Federal Reserve raising interest rates, confirmation will happen at 2PM US Eastern Time – (7PM UTC)