Sovecon has increased Russia’s estimated wheat crop by 1.2Mt to 88.6Mt—the USDA in the May WASDE estimated a noticeably more conservative 80Mt. Increasing confidence in crop production for harvest 2022/23 contributed to what has been a day of market reversal across grain and oilseed markets.

Global wheat markets fell across the board today, with Chicago wheat being the largest driver behind the selloff. Loosing over 3%, US wheat has washed the gains recorded earlier in the week. Wheat markets were initially boosted by Indian export ban headlines, but as more details have been clarified there has been a somewhat softening in position, allowing previously agreed sales.

Brent crude oil has also come under pressure today, down nearly 2%, and dropping below $110/Bbl as US refiners ramped up production easing some supply concerns.

In what has been a pressured day for wheat, corn and crude, new crop oilseed rape has also lost ground, unwinding the gains recorded since the 4th of May.