| In what has been a recovery or at least pause in the global sell-off, crude oil has managed to claw back some lost ground. As crude found its feet, so too has wheat, corn, soy and rapeseed, all marginally in the green today as fears about the new covid variant pause. In support of markets is also a trend for below average rainfall across southern Brazil and into Argentina. With La Nina still in effect, yields are far from certain for both corn and soybean crops. While there is support for South America, in the EU and issues reporting export data have reportedly been rectified. Wheat exports from the EU in the 2021/22 season reached 11.62Mt by 28 Nov (vs. 10.27Mt reported last week). With the missing French data now incorporated, the EU Sept-Nov export pace looks more impressive – See the two charts below from last week and including the updated data. |
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