August 07th

**MARKET REPORT**

Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.

November London wheat closed up yesterday £1 and November '16 was up £1.65 (£10.95 differential Nov 15 against Nov 16).

European maize was + 3 Euros with front month maize a premium to wheat for first time in 2 years.

Latest EU export figures wheat 372,000t (seasonal total 2.0 mmt), barley 384,000t (total 1.8 mmt) but maize imports 632,000 (total 1.4 mmt).

Latest Russian yield figures reduced to 3.16 t/h, down 4.8% against last year but still expectation of hefty wheat crop.

US wheat markets up above $5 level as commercial buying supported wheat markets, soya and corn down. Tension building ahead of next week’s USDA report.

ADAS winter barley yields put at 1.1 – 7.3 t/h, but these big numbers are based on southern yields; later yields are likely to reduce.

Cargill announce for the March – May period, their first loss for 14 years; the loss was attributed to ‘technology’ and losses in Venezuela where the ‘bolivar’ has devalued by 90%.

Super Tuesday proved to be an anti-climax, only one member of the Bank of England committee voted for an interest rate rise, the result, a slightly weaker sterling.

author: Joe Beardshaw