February 22nd

Market Report

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

For a change, London wheat closed up yesterday, May 19 + £2.15 (£166.50) and Nov 19 + £1.90 (£149.90).
Sterling unchanged (£ / euro 87p) as Brexit doldrums continue.
Nominally, export levels up on new crop but no trade taking place until tariff situation clarified.

US markets up due to optimism created by trade talk progress, speculation that an agreement would be reached with China to buy additional $30 billion of soya, corn, wheat ‘on top of pre trade war levels for period of memorandum. Agreement is not confirmed or signed but it helped corn and spring wheat bounce off the lows. Today will see export figures published

Oil slightly down as US production reached record levels and stocks increased.

Egypt bought Russian , Ukraine and some French wheat at recent tender but US origin did not feature.

author: Joe Beardshaw