Corn Futures Positioning and CFTC Update 29th June 2020

The global grains market remains comfortably supplied this week. However, volatility remains as events in the Black Sea continue to be unpredictable. Weather events could be the wild card for prices.

The US Department of Agriculture has flagged that India’s wheat stocks are falling to very low levels. India’s government prioritises food security. Might imports be on the horizon? 

• The week was mainly neutral for wheat and corn.
• The latest WASDE report painted a picture of high grains stocks.
• However, USDA figures differ greatly from official estimates in Argentina and Brazil.

• It’s been one of the wettest UK winters on record.
• Sugar beets are being planted on light land.
• The mild weather increases the risks of aphid-borne infections.