European market

The week got off to a nervous start on the grain market, with prices resuming their strong upward trend. Wheat, corn and rapeseed yesterday largely made up the losses recorded during last week's correction.
The weather continued to be capricious for crops. First of all, it is the worsening lack of rain in Russia and Ukraine that is worrying the markets, after the frost at the beginning of May. Excessive humidity over the next few days in Western Europe and the United States is also being monitored by operators. Meanwhile, in Australia, overly dry conditions are expected to continue in the west and south of the country, threatening canola sowings above all.
In France, according to FranceAgriMer, winter wheat and barley conditions have held steady over the past week at 64% and 66% "good to very good" respectively, compared with 93% and 90% last year to date.
Durum wheat gained 1 point to 66% "good to very good", while FranceAgriMer maintained spring barley conditions at 74% "good to very good".
According to FranceAgriMer, corn sowings in France were up 18 points to 72% complete by 13 May 2024. This is considerably behind last year's figure of 85% complete to date, and the five-year average of 91% complete to date. Brittany and Pays de la Loire are the regions lagging furthest behind.

American market

US wheat came close to its upside limit yesterday, buoyed by fund buying amid growing weather concerns, particularly over Russia. After a reassuring crop tour results last week for HRW wheat in Kansas, the USDA's crop rating published last night brought uncertainty. The condition of US winter wheat fell by 1 point over the week to 49% "good to excellent".
Corn and soybeans also closed sharply higher in Chicago yesterday, buoyed by fund short-covering and by expectations of the USDA's Crop Progress report, as a very wet week gets underway in the US Corn Belt.
Probably the most eagerly-awaited and closely-watched figure, the progress of US corn sowings was better than expected, with 70% of the crop sown compared with the five-year average of 71%. American farmers thus managed the feat of sowing 21% of the expected area during last week's short window of favourable weather.
52% of soybeans have now been sown, compared with 35% last week and 49% on average over the past five years.

Black Sea market

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