February 19th

Market Report

Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.

London wheat was mixed yesterday, May 19 down 80p, closing at £167.35, whilst November 19 closed up 20p at £150.35.
This time last year, on the 19th February 2018 the May 18 futures were £138.65 and November 18 closed at £142.95, Sterling against euro was 1.1299 compared to 1.1421 currently.
Sterling almost unchanged yesterday as political upheaval continues and Brexit impact unknown; manufacturing / closures threats are a reflection of car the general health of the industry or Brexit, possibly a combination?

US markets were closed yesterday for a national holiday and UK half term meant there was little trade taking place. Trump tweets about progress in US – China trade talks.

UK old crop remains at levels that makes exports not viable maybe reflecting supply tightness; next 2018 harvest figures due out 27th February, markets never really reacted positively to downsizing of crop, based on reduced area, price has fallen c. £5

World prices are down, under pressure from lower French and Russian prices, although matif did bounce off the lows.

Weather favourable to crop development in Russia and spring drilling progressing well in France, 3 Black Crows

author: Joe Beardshaw