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London wheat fell on Friday £1.05 (£141.70) as global grain markets suffered post USDA report; November wheat down £2.05 in last seven days.
Sterling unchanged as Brexit negotiations continue, apparently cross party talks unpopular with both sides!
Bearish USDA report, US corn stocks projected at 32 year high. Corn planting progress is behind plan, the extent of this will be known from today’s USDA progress report, although better planting conditions expected. Corn acres to are expected to increase if conditions permit; growers feel corn is a better option than soya with continued Chinese trade dispute and soya demand reduced due to swine fever / pig culled. Corn demand is forecast to increase; growers can switch to later planted soya if weather prevents corn planting. China more positive on trade talks than US.
Global wheat markets are under pressure, Russian wheat forecast up 7.4% (77 mmt) and EU up 12% (153.8 mmt), exports also predicated up 13% (27 mmt)
Sentiment strongly bearish but still plenty of time / weather to impact……author: Joe Beardshaw