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May 19 London wheat closed up 70p (£163.80) and November 19 closed down 30p (£145.80)
Sterling currently not reacting to Brexit being extended to October 31st, leaving before this date is possible if parliament agrees!
US markets quiet post USDA report, corn and soya fractionally up but wheat fractionally down. Corn markets look negative, plentiful stocks, slow exports and big south American crop; hope rest with US-China trade agreement progress, China who ‘could’ buy 20 mmt US corn. New crop planting will be held up due to blizzards, in some parts up to 24 inches of snow
Whilst not yet critical, there are dry conditions in parts Europe. French rainfall down 19% since September 1st against average rainfall and temperatures + 1.5C above average,
French wheat exports are progressing well, undercutting Black Sea prices has meant that French wheat stocks could be lowest for 10 years.
Oil did reach 5 month high, US stocks lower than anticipated and production problems in Venezuela and Libya, however demand could reduce if global economy slows. author: Joe Beardshaw