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London wheat closed up on Friday, May 21 + £2.20 (£187.95) and November 21 + £2.75 (161); price gaining £5+ from mid-week.
For the week, May 21 was + £2.45 and November + £3.00.
Physical supplies tight with few sellers coming forward and prices supported by firmer EU markets in wheat and corn
Despite improving weather for crops for harvest 21, wheat is stills seen as a buy
EU wheat becoming a discount to Black sea / Russian origin, especially with further talk of export restrictions in Russia pushing up prices.
French wheat 12% planted against 16% this time last year
US markets saw soya and corn down despite further sales to China. US wheat gained and is now meeting highest levels since 2014. The affects of La Nina are already being felt in South America, dry weather continues and the potential of crop is in doubt. On the other side of the World Australia are experiencing higher levels of rain that could also curb expectations.
Egypt state they have enough wheat reserves for 7 months
Chinese economy grew 4.9% in third quarter, although experts often question the accuracy of its economic data. author: Joe Beardshaw