- EU wheat exports for 2016/17 season reach 18.3MT, down 18% on last year. 237KT were exported last week (see chart of the day)
- EU barley exports are at 4MT this season, 54% below the same point last year.
- Markets continue to focus on weather in both the US and South America especially with little else happening in the market.
- The next few months will be key for market as bearish fundamentals compete with weather events and short funds, particularly for wheat.
- Palm oil came under pressure as the market expects a recovery in production and demand has not yet seen the usual demand spike into Ramadan.
- OSR after an early rally which saw prices up €6.5/T, price consolidated in wake of palm and soy.
- Chinese crushing margins have rebounded slightly but remain low.
- US farmers plan to plant a record soybean area to meet export demand and capitalise on high soy/corn ratio.
Chart of the Day#1: EU soft wheat exports 2016/17
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