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London wheat futures followed other wheat markets down, old crop down £1+ and new crop down c. 75p.
With little bullish news (no weather concerns/ plentiful supplies) values were not helped by lower stock markets and falling oil prices, down 5%.
UK markets will be aided by weaker sterling which continues to suffer due to Brexit situation, some polls put a winning exit vote at 40%.Sterling currently at a 7 year low against $; Goldman Sachs are talking of $1.15 if UK votes to leave EU.
US markets also suffered big losses due to lack of bullish news and slow exports; US wheat closing at 5 year lows.
Ukraine wheat production for 2016 estimated 30% (17.3 mmt) down before any weather problems; production down reduced area and poor crop condition. Unplanted area likely to be spring planted with corn & sunflowers
One commodity firming up is sugar, up 9%; rise attributed to reduced supplies and world deficit, production reduction forecast down in EU.author: Joe Beardshaw