Despite bearish sentiment flooding markets this week, a slight rally recovered some loses, although prices are still down from the start of the week. Having started the day under pressure, once again Brent crude has pushed up from below $100/Bbl to over $106/Bbl with the broad support filtering into grains and oilseeds, while vegetable oil made similar gains.

Weekly US export sales data will be released tomorrow due to this week’s US holiday.

Adding to the broad support for markets as crude has gained has been US drought monitor data. Short term drought conditions expand across Ohio, Tennessee, and Middle Mississippi Valleys along with parts of the Corn Belt last week. Thunderstorms brought locally heavy rainfall and drought relief to parts of the central to northern Great Plains. However, 7-day temperatures averaged above-normal throughout the Great Plains. See the weekly drought monitor map comparisons below.

Today, the AHDB released their annual Planting and Variety Survey, finding the UK wheat area to be up 1% year on year, total barley area down 4% and OSR up 9% year on year. Read the full report here.