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London wheat closed up £1.05 old crop and up £0.55 new crop but on thin volumes.
US corn and soya down, wheat fractionally up. Despite positive corn export sales announced to Mexico, corn is down as ethanol demand weakens and external markets imposed pressure.
Stock markets and oil fall due to a combination of reasons: world economy slowing, $ up as fed raise rates, threat of possible government shut down, and arresting Chinese nationals for hacking doesnt help trade relations!
EU cuts wheat stocks by 5.9% to 11.2 mmt but corn up 19% (22.7 mmt) and barley also up 19% (5.4 mmt)
German winter wheat plantings estimated up 4.6%, rapeseed down 25%, and winter barley up 13%.
Egypt buys Romanian and Ukrainian wheat at latest tender, no Russian origin for first time in 6 months. Tighter supply has seen Russian prices increase; supposed meeting between Russian government and exporters due today.
Argentinean wheat prices up despite harvest, possible reason due to tight supplies.
Algeria looking to buy wheat and Tunisia may be looking for barley, this could possibly help UK barley prices.author: Joe Beardshaw