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London wheat closed down 5p on a quiet trading day. Sterling unchanged, markets wait for May’s major speech outlining Brexit strategy.
Speculation about the size of the UK wheat crop range from 14.2 – 14.7 mmt, lack of farmer selling is supporting the market; September always difficult month as growers concentrate on land work
US markets slightly higher as current low prices find buying support; have the seasonal lows been seen? Since bearish USDA report of 12 September, prices have not declined as previously expected.
Russian 2017 wheat crop up 11% year on year but dry conditions and rain deficit hampering autumn planting and next years crop.
China sees it’s credit rating cut due to debt and credit growth posing economic and financial risk.
EU malting barley markets rise as Copenhagen conference fuels sentiment of tight supplies and variable quality.author: Joe Beardshaw