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London November 20 closed £182.75 (+ £1.25) and November 21 unchanged at £155
For the week, November 20 + £2.50, whilst November 21 was – 50p
November 20 getting technical and May 21 is trading at parity to November with no carry
Sterling slightly stronger
French wheat prices range bound at present but with UK domestic prices at premium to French there could be increased imports; German quality wheat continues to be imported
French prices can compete with Russian due to the rise in Russian prices; German wheat may gain trade into Pakistan and Algeria taking it away from Russian origin
IGC reduces global corn crop by 6 mmt to 1.16 billion due to reduced yields in US, China and Europe
Wheat kept same at 763 mmt
EU maize crop reduced by 1.8 mmt due to dry conditions; France 15% of maize harvest complete.
US markets are quiet with no new export sales announced, apart from meal, there had been 14 days of continuous soya sales previously and funds remain long with danger they have overbought and may want to reduce exposure
Markets under pressure as Brazil are forecast to have record corn crop of 110 mmt (area up 6% combined increased yields) but, with only 20% planted, favourable weather will be required. author: Joe Beardshaw