March 02nd

Market report

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

London wheat closed down on Friday, May - £1.20 (£149.05), down £3.70 for the week; November -70p on Friday (£159.30), down £1.95 for the week.
Sterling is down as trade talks with EU and US making little progress; currently £ / euro 1.1605 / .8616p and £ / $ 1.2822.

All commodities, including gold, have suffered from virus effect; Brent crude trading below $50 for first time since December18.
Dow jones fell 16% for the week
Markets have seen a slight rebound as central banks pledge support; oil back now $50+

US grain markets have been under pressure but they have not suffered as much, soya and wheat closing slightly up, corn slightly weaker.
Some analysts think soya is overdone, funds heavily short (beans and meal) and China is due to allow tariff free purchase (if they buy in current circumstances??). Argentina has reported to have imposed export tax, there could be short covering.

Latest French crop assessments has soft wheat 64% good to excellent, down from 65% last week, lowest rating for 9 years.
Winter barley also down 1% to 66% (last week 67%) against 80% last year.
Spring barley planting now 32% from 20% previous week; this time last year 66% planted.

author: Joe Beardshaw