Wait and see mood for the crop progress and condition tonight and WASDE tomorrow. To look out, corn and soybeans planting (fast, very fast), wheat conditions (will the poor yields from the WQC Crop Tour have an impact?). Tomorrow WASDE report should see New Crop Ending Stocks decrease in Corn and Wheat (respectively -6MT and -4MT expected) but increase in Soybeans (+6MT).
How predictable… MATIF K5/U5 spread down 3.50 more euros on the last day and is below -20 euros which is more or less the carry from May to Sep. There’s probably a few happy guys around there! With May out of the equation, it will be big time for U5 and Z5!
EURUSD is coming down, maybe the rebound was more technical and market realize there might still be problems in Europe. Greece big redemption in July indeed. UK? Well, market seems not to care, so far, about potential longer term EU and Scotland issues and GBP is sharply up again.