March 18th

Market Report

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

London wheat closed up on old crop, May 19 £162.55 and new crop +35p, November 19 £148.35, for a change, old crop + £3 and new crop + £2.25 for the week

Fundamentally nothing has changed, Brexit stagnating and sterling virtually unchanged. UK government announced proposed tariff schedule in a no deal Brexit scenario. There will be zero tariffs and no trade rate quota system (palm oil and coconut oil will face tariffs) meaning the UK market would be open to all global exporters, UK having previously had protection from EU tariffs and TRQ trade barriers.

US markets up; markets finding support with funds in a short position, weather uncertainty could provoke short covering as they feel unsettled with current positions.

French soft wheat rated good to very good, down 1% on the week (85% from 86%) but this is still above this time last year when 80% rated good t very good.

author: Joe Beardshaw