November 23rd

Market Report

US Ag markets are up overnight after general talk of tight stocks across all commodities, corn and soy are the commodities that have seen the most demand from China. The record rise in Covid cases in the US has caused some commentators to highlight the reduction in domestic food demand from the hospitality industry. It is still unclear what the US is going to do to combat its Covid issues at this stage.

Ukraine is completing its harvests in suns and corn and the yields have been in line with expectations. The yields are lower than last year but this was expected.

Sterling is very firm against DOLL and EUR, news of the Oxford vaccine giving the currency support.

There is still talk of dry weather in S. America effecting soybean crops and the markets will continue to watch this development closely. Australia has cut about 40% of is wheat acreage and remains on track for a bumper harvest.