January 24th

Market Report

Friday saw most wheat markets continue their sell off with a risk off strategy. Russia/ Ukraine bubbles on but the longer this goes on the harder it will be for Putin to do what the wants. UK wheat was £0.60/mt down at the close with US wheat down 10cents. Overnight the US wheat market has remained unchanged to slightly firmer which should add support to the market.

New crop wheat has remain quiet as traders assess the winter in the black sea region. Currently there are not too many concerns with yields but there is still a long way to go till harvest and we need a big crop to sort out the shortfalls for the last two years.

OSR markets rallied strongly on the new crop and this still shows the most potential to stay firm. Old crop has seen a dramatic fall in recent days with very little bullish news coming to the market as demand drops off.

Sterling has weakened dramatically over the last two days, a government in freefall is not helping give the markets confidence. Will the Gray report clear everyone or just raise more questions there is a lot to get sorted. A weaker sterling should support UK commodities, reduce imports.