Weekly Grains Outlook

Bulls vs Bears27/04/26

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 expanding in Europe too
Low temperature threat to Black Sea crops
Rising fertiliser prices lift production costs, threaten sowings

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

Brenttowheatpriceratio 27.04.26

Long term trend support remain intact as wheat recovers

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