Wheat markets have again been under pressure today.

Weather forecasts for Europe and the UK continue to point toward substantial rainfall this week, reversing the May drought concerns, and improving harvest outlooks.

Rainfall for the US winter wheat area is also forecast this week, continuing to reverse the drought conditions.

This week’s USDA crop progress report will be out this evening. Keep an eye on what has so far been a concerningly slow spring wheat planting progress.

Reports continue to circulate today about potential grain corridors and an ability for Ukraine to export, contributing to today’s fall in wheat markets. However, these reports are met with scepticism about the feasibility and possibility for any potential demands for sanctions being lifted, especially amid the moves to reduce EU imports of Russian oil.

Crude oil has continued to push higher today, driven by the announced agreement by the EU to end imports of Russian oil by sea, Brent crude briefly touching $125/Bbl before slightly pulling back.