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London wheat closed down £1.15 on Friday but was up for the week, old crop up £2 and new crop up £1.50.
The May 19 – November 19 (old crop 2018 against new crop 2019) current differential is £17.20.
Sterling remains fragile due to Brexit situation; Barnier pays homage to Theresa May, praising her ‘courage’, which may not help her cause.
US markets are slightly firmer as continued speculation of trade talks may resolve US - China situation. Soya sales have struggled, current low prices (near 2 year low) have seen meal exports up 21% year on year.
French winter wheat crop ratings worst in nearly six years.
Russia has increased winter wheat plantings by an estimated 500,000 hectares this could mean an increase of 1.8 – 2.0 million tonnes if yields are average for harvest 2019.
Australian wheat production and possible cuts in Argentina production due to rain could reduce wheat availability.
Oil prices up last couple of daysauthor: Joe Beardshaw