January 19th

Market Report

US markets rallied yesterday on corn, wheat and soybean after trading lower. Support continued on the back of Russia/ Ukraine conflict. This pushed up UK wheat by £2/mt on old crop. The rally has continued overnight we should see more support come through today. The question now is how much further can the market rally and if Russia pulls back does the market drop?

Matiff Oilseed market is a total dichotomy, it drops when soybeans rally and rallies when everything else is down. It does feel firm and with everything else going on this complex should see a rally.

Brent oil has hit another high again on the back of Russia problems and shows little sign of levelling off. Inflation at 5.4% is massive and could go higher next month...will this a cause an interest rate hike? That could be a disaster for the economy with wages already struggling to keep up with the cost of living.

A change in Tory leader might not help either, its all to play for.