Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.
London wheat closed higher on Friday but was down for the week (c. £1.50), 19 crop wheat futures were down £2.45 on the week. The differential between May 19 and November 19 is currently £17.80, this is a bigger spread than the norm.
UK trade still stagnant, few sellers or buyers appearing; currency stable but reacting to Brexit news. Eurozone has concerns about Italian economy and could be ‘downgraded ‘ by Moody’s.
Low water levels in Europe have seen more interest in possible UK feed barley exports. Quality issues in Europe have seen malting barley exports going at a good pace and with additional new business on the books, however this continuation will be subject to sufficient supplies.
US markets were down in corn and soya and slightly up on wheat. Soya markets fell as export sales for 300,000 tonnes were cancelled; 180,000t known to be direct to China, and the other 120,000t also suspected to the same destination.
$ remains firm, exerting downward pressure on prices and further US export trade.
France, as of October 14, had 32% wheat planted (39% last year), winter barley 44% (54%), corn 81% harvested (47% last year).
Oil price down as US stocks higher than anticipated, cancelling Saudi tension.
Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.author: Joe Beardshaw