January 09th

Market Report

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

London wheat has continued to climb on yesterday’s gains, May 20 closed up 50p at £152.75 and November 20 + 30p at £161.30.
Physical sellers still slow to appear.
Sterling not really moved
Talks between Prime Minister and EU President have differing views on whether trade deal is possible by December 2020!

US markets are mixed.
Soya and corn recovered as ‘risk market subsided’. Markets appeared to calm down, it was viewed that Iran had ‘stood down’; Dow Jones much firmer.
Corn broke technical support trend lines; poor exports not helped by China announcing it was scrapping plans to incorporate 10% ethanol blend.
USDA report due this Friday, trade expecting acres, yield and carryout to be lowered for both corn and soya, depending by how much will determine whether report is bullish / bearish.

Oil values are down as Middle East tension is perceived to be reduced but, whole situation very ‘combustable’!

author: Joe Beardshaw