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London wheat closed down yesterday 50p in new and old crop positions.
US grain rebounded, wheat and soya up slightly after Fridays losses. Corn supported by good export figures and funds / speculators have biggest net long in corn since June 2016, potentially a dangerous position this early in the season if sentiment changes.
Sterling up helping the prospect of wheat imports into UK especially coupled with tight domestic supplies and lower matif.
French wheat exports increasing as Black Sea prices rally; Algeria looking to buy which could be French origin.
Wet weather in UK prevents spring barley drilling and getting more serious than just concerning, new crop FOB prices are up.
Argentina gets some rain but regional and possibly too late.
US plains remain dry and forecast offers little relief.
Snow in Russia protecting crops.
Ukraine grain exports hampered by aged rail network; 2/3’s grain hauled by rail with locomotives and trucks used are from 1980’s
Oil down after biggest rally for 7 months, new output supply from US will satisfy demand. author: Joe Beardshaw