September 21st

Market Report

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

London wheat continued to follow Paris and US markets up
London November 20 closed up £2.05 (£179.25) and November 21 + £1 (£155.50)
For the week, November 20 + £2.25 and November 21 + £1 as recent rises cancelled mid-week losses

Russian wheat prices were stronger due to weaker rouble and lack of sellers coupled with good demand.

French maize 4% cut (1% last week) with 59% rated good to excellent (60% last week)

US corn, soya and wheat continued to rally with funds, so far, maintaining long and resisting profit taking.
China strong buyer of US soya, US origin discount to Brazilian; estimated China well covered Oct, Nov, 80% Dec and 50% Jan but, demand may increase as Chinese crops damaged by typhoons and flooding.
Trump announces $13 billion support for farmers affected by Covid; level of support will be based on yield and prices

Dry conditions are beginning to concern new crop in Russia, Ukraine, Argentina and Canada.

author: Joe Beardshaw