Wheat markets slipped again on Friday even after several large corn sales to China which surprised many in the trade. Corn saw a good rally but wheat did not follow suit. Oilseeds are still where the action is, stocks remain tight and shipping is causing issues.
Domestically wheat consumers are still staying out of the market and demand is thin on the ground. Wheat is still hard to buy on Farm but there are trade sellers offering wheat. As we get closer to harvest the S &D for the UK is still very hard to read on old crop.
New crop wheat has slipped on the back of the old crop but still has the potential of a greater upside as crops around the world are not guaranteed. There have been reports of wide spread flooding in Australis, NSW, this has been mostly coastal so shouldn't have too much of an impact on the cereal areas.