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UK May 20 wheat closed up on the week C. £2 and £1 up on Nov 20.
Matif May 20 wheat dropped €1 over the week but has continued to fall today.
Crude Oil took significant losses early on in the week and losses continued through to Friday but closed slightly up on Friday night.
Matif Rapeseed futures have dramatically dropped again following energy markets and ‘panic sentiment’ surrounding Covid-19 pandemic. A small consolation is that the blow has been mildly softened in respect of UK physical rapeseed values by a significant fall in the value of Sterling. At this stage it is very difficult to assess the S&D’s, but the funds are simply taking a ‘risk-off-approach’ and selling, though the drops are more pronounced as the market is seeing very few buyers.
Currency has been a leading factor in market movement recently; Sterling weakened by more than 3.5% over the last 5 days. The USD rallying again on Friday putting further pressure on US ags that were trying for a recovery in the overnight session.
Not surprisingly Coronavirus has dominated the news and influenced the markets.author: Joe Beardshaw