September 07th

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 up 25p November 20 (£169.75) and down 40p November 21 (£151.60)
The carry on the futures between November and May21 is down to £3.50 (normally £6)
Traders predicting sterling will fall having reached 8 month against $ ($1.34) as Brexit and virus affects economy; sterling may recover end of year

French wheat exports outside EU at 4 year low despite increased volume to china; reflection lower / poor wheat crop and cheaper competition

US markets had soya and corn up but wheat was down
Soya supported by further export sales to China and Philippines
So far this season, US corn exports total 9.56 mmt compared last year 941,000 and soya 20.8 mmt compared last year 3.4 mmt
US soya c.62 cent discount to South American origin
Funds long and with soya values reaching technical resistance levels, some analysts predict values are overdone
Brazil anticipating (January) record bean crop of 130+ mmt, weather permitting, which will compete with US
USDA report due Friday which will provide an update on crop conditions

Central Argentinean wheat area has had some rain but damage has occurred

Ukraine grain exports predicted 57.2 mmt from previous 56.5 mmt

French corn ratings 61% good to excellent from 62% last week

Bulgarian wheat crop down 24% to 4.6 mmt due to lack rain

January – August Egypt has bought 80% Russian wheat compared 50% last year