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London wheat closed down Friday with November 20 -£1.75 (£170) and November 21 – 50p (£154.25) to bring total wheat values down £4.30 and £2.35 for the week respectively
French wheat down c. €1.50 for the week
Stronger Sterling but still slow progress with Brexit; current domestic prices make imports viable and maize is relatively cheap
Much needed rain for Europe but will this be damage limitation or yield improvement?
French crop ratings are stable but at 9 year low, soft wheat and winter barley same as last week at 52% good to excellent with spring barley down 1% (55%)
Dry weather has seen crops ahead in growth stages, predictions of harvest, could be, 1 – 2 weeks early.
French export volume down to 5 month low.
US saw corn and soya showing small gains but wheat down.
Markets had seen rises, market shorts reduced positions as weather improved.
Better than expected employment data gave economy boost.
World wheat production cut by 4 mmt to 758.3 mmt, but still above 2018 crop and with demand reduced, stocks forecast to increase
Ukraine grain planting 98% complete at 11.33 m hectares
April saw lowest UK barley demand for brewing, malting and distilling for 10 years and down 28% year on year.
Rain helps crops and with big UK spring barley area, quality is the big unknown
China wheat harvest 50% complete (11.33 m hectares), yields generally favourable and 98% crop harvested by machineauthor: Joe Beardshaw