February 24th

Market Report

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

London May wheat closed down 75p on Friday (£152.75) and down £1.50 on the week.
November 20 closed down 50p (£161.25) down 75p for the week.
Little change for Sterling since Friday.

US markets for corn, soya and wheat all weaker but with mixed outlook.
Latest USDA estimates have increased corn stocks and big planting estimate, weather permitting, creating a bearish view.
Lower Soya stocks and the anticipation of increased China purchases have supported prices but US will face stern competition from South American origin, especially with weak Brazilian Real.
US wheat is bullish, wheat stocks are at lowest level for 6 years and winter wheat area lowest for 100 years, unharvested corn preventing spring wheat planting.
Trump tweets about increased aid for farmers which could further increase corn area.
Markets have been overshadowed by continued coronavirus fears that it has paralysed the Chinese economy, signalled by falling oil prices as demand is curtailed; African Swine fever is still a problem but Covid19 virus making the headlines.

French winter wheat rating remains the same as previous week, 65% good / excellent
As of Feb 17th, spring barley 20% planted, up 4% from previous week.

Canadian exports have been disrupted by protests and creating big backlog.

author: Joe Beardshaw