Northern Hemisphere grains & oilseeds update, July 2026

In this week's episode, Steve Nicholson, Head of North American Crops with RaboResearch, discusses Northern Hemisphere crop conditions, grain and oilseed markets, and emerging global risks with RaboResearch colleagues from around the world including:  

Lief Chiang, Senior Industry Analyst, Asia 

Vito Martielli, Senior Grains & Oilseeds Analyst, Europe 

Owen Wagner, Senior Grains & Oilseeds Analyst, North America 

While geopolitical risks, including impacts from the Middle East, remain part of the discussion, the conversation focuses on China-US trade developments, growing weather risks across key agricultural regions, and signs that strengthening demand could provide support to commodity markets. 

Time stamps:  

• 0:08 – Introduction, Steve Nicholson, Head of North American Crops with RaboResearch Food & Agribusiness 
• 0:33 – China and Asia – Lief Chiang, Senior Industry Analyst
  • China corn and soybean crop conditions
  • Weather risks across Asia and emerging El Niño concerns
  • China-US trade relations and soybean imports
  • Crop protection and fertilizer export outlook 
• 14:16 – Europe – Vito Martielli, Senior Grains & Oilseeds Analyst
  • Impacts of Europe's heat wave
  • Wheat production outlook
  • Russian and Ukrainian crop update
  • Corn market concerns in France and the EU
  • Rising import demand and trade opportunities
  • Ukraine's continued export resilience 
• 23:05 – North America – Owen Wagner, Senior Grains & Oilseeds Analyst
  • US corn and soybean crop conditions
  • Field observations and regional variability
  • Southeast US production challenges
  • China-US soybean demand outlook
  • Whether grain markets are finding a bottom
  • Global supply risks and demand recovery
  • A look ahead at input costs, weather, and market opportunities 
• 40:45 – Wrap up and conclusion 

If you have any questions you would like for us to consider, please send them to eric.gibson@raboag.com.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.