February 17th

Market Report

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

May 20 London wheat closed up 25p Friday (£151.75) but down £2.50 for the week, November 20 closed up 70p (£160.30) but down £1.75 for the week.
Sterling unchanged but, Brexit negotiations have not been helped by negative comments from French foreign minister Jean- Yves le Drian saying ‘trade deal unlikely by end of year’.

French wheat is in the worst condition for 8 years, at this stage 65% good – very good against 85% this time last year, the area is already down due to planting disruption; EU wheat crop estimated -5%.
French winter barley is rated 67% good – very good, 79% last year; Spring barley as of 10th February 16% planted.

US markets are slightly weaker.
Coronavirus continues to be a concern, 64,000 infections and 1,400 fatalities reported.
South American weather continues to boost crop potential
$ stronger not helping exports
Rumours are that China has bought 500,000t corn from Ukraine.

World’s third largest economy Japan has reported poor economic data.

author: Joe Beardshaw