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London wheat futures closed up £2.65 for May 20 (£156.25) and up £1.65 November 20 (£164.55), it did actually trade slightly higher before retreating, volume relatively light.
Physical prices have not followed futures, buyers have ignored the rise, they are not under pressure to buy.
Rise attributed to continued wet weather hampering planting, 10 mmt being forecast for 2020 UK wheat crop, although late planting and spring wheat could make 11 mmt harvest.
Prices also boosted by weaker sterling, poor economic results have increased the expectation of a rate cut.
US markets continue to digest USDA report, corn marginally up as stocks reduced and review of unharvested acres in northern states planned, funds have moved from slightly short to now slightly long, reflecting sentiment.
Soya and wheat weaker as no new news appeared.
Markets waiting to see trade deal details, when and if it is signed.
Poland, EU’s biggest poultry producer, reports new outbreak of bird flu on goose farm.author: Joe Beardshaw