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London November 20 closed down 85p Friday (£182.50) and November 21 was down 25p (£156), Nov20-May21 carry is still inverted, physical markets are firm on the spot price.
For the week, November 20 was – 25p and November 21 + £1
French wheat eased after recent rally but good demand, bullish USDA report and weather limited falls.
US market mixed with many markets (Dow, oil ) reacting negatively to news of president Trumps infection
Corn down but soya supported by higher meal prices due to good demand and limited supplies with Argentina imposing export taxes
Wheat supported by dry weather in Russia and Ukraine. Some rain forecast for Russia but Ukraine may miss out.
Milling wheat prices up 40% this year (25% September) in Ukraine with higher bread prices causing domestic unrest; Russia has hinted at export restrictions to protect domestic supplies.
Australia may produce 30 mmt with 18 mmt available for export but this could be absorbed by good demand.author: Joe Beardshaw