Another week of mixed market movements, driven largely by weather and crop condition reports. Support for oil prices and increases in ethanol production led to some gains in US maize futures last week. However, this support was shortlived, as the US Department of Agriculture gave a favourable assessment of crop conditions in the country.
Approximately 75% of the US maize crop and 72% of its soya bean crop was rated as good to excellent, above analyst expectations. The US wheat harvest is also under way, at around 12% complete.