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London wheat closed slightly up yesterday and continue to increase this morning.
US markets were higher despite stronger $. Weather continues to support soya; some forecasts have Argentinean soya as low as 40 mmt (USDA 54 mmt). US meal highest for 18 months but US soya exports still lagging (-13%) surprising in this situation? High prices could reduce demand.
US Wheat up, especially winter wheat due dry conditions and crop ratings are also significantly down, this is attracting commercial buying. Kansas wheat (hard red winter +2.3%) at a 6 month high and Chicago wheat, soft red winter + 1%.
Despite stronger US wheat markets and current European weather, French wheat markets have remained largely static.
Reports continue about areas lacking snow cover and suffering damage.
$ gained as fed chairman Powell was positive about US economic growth. Euro down 0.6% against $ but rouble down 1.2% supporting Russian wheat in export markets.
Oil down, US shale production increased coupled with higher US stocks. author: Joe Beardshaw