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London wheat closed down 75p, May 20 £152.75 and November 20 £162.50.
Sterling, slightly weaker, currently £ / euro 1.1919 / .8553p and £ / $ 1.3082
After last week’s interrupted trading days, this week the market conditions might get back to normal!
US markets went sharply lower caused by a selloff in stocks and commodities reacting to recent Iran situation.
Soya and wheat was overbought so there is an expected correction ahead of this week’s USDA report.
March beans are at present c. $9.41, technical support at $9.30, if broken the next resistance is $9.15.
USDA report is expected to cut corn and soya yields, combined with the signing of phase 1 of the US - China trade agreement will support bullish sentiment. However counter to this, record South American soya crop (6.6 billion bushels?) and increased US soya area is fuelling bearish argument.
Yet to see how much trade Chinese trade deal will actually create?
Weather in Ukraine remains warm reducing lack of snow and winterkill threat
Oil prices surges due to middle east tensionauthor: Joe Beardshaw