International grain markets remain volatile this week. The balance between global supply and demand remains tight which continues to support prices.

Rain in the US is causing delay to maize and spring wheat planting. As of 1 May, 14% of US maize area was planted, the AHDB reports. This is behind last year by 28% and behind the five-year average by 19%.

Spring wheat plantings were at 19%, as of 1 May. This is 27% behind last year and 9% behind the five-year average. Winter wheat crop conditions remained unchanged at 27% ‘good’ to ‘excellent’.

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India

India too remains a focus for the market. High temperatures in mid-March have reportedly trimmed wheat yield potential, according to an Indian government note. Wheat output could be 6% below initial estimates, which may limit export capacity the AHDB reports.

Russia

Russian soil moisture is reportedly good and will benefit their anticipated record 2022 wheat crop. SovEcon forecast this crop to be 87.4Mt, with 2022/23 wheat exports pegged at 41Mt. Currently, Russia is working their way around sanctions and picking up a significant amount of global demand the AHDB state.