Weekly Grains Outlook

Bulls vs Bears05/05/26

Bullish factors

Bearish factors

Lower-than-expected USDA forecast for US wheat sowings
Energy markets
Geopolitical unrest may yet stoke importer restocking
Dryness test for US wheat. Dryness in parts of Europe too
Low temperature threat to Black Sea and US crops
Rising fertiliser prices lift production costs, threaten sowings
El Nino odds increase

Comfortable major exporter wheat stocks
Potential end to Iran war, and to support from energy markets
Middle East unrest threatens major importing region
Corn market pressure from Argentine harvest
Larger-than-expected US corn sowings forecast

Wheat opinion

Long term trend support remain intact as wheat recovers

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