Markets remain massively volatile and this is causing a lot issues. Prices discussed on the phone can be £5- £10/mt out within 5mins. Chicago wheat went limit down yesterday with traders worried that with China not buying from the US the stock overhang could depress markets in the US. London and Paris actually ignored the states most of the day and stayed up but at the close both saw a sell off.
Overnight the US wheat has rallied and we may well see small rallies in European wheat markets on the open. Oilseed markets are firm but we have seen a sell off at the higher levels as consumers and traders try and work out where the demand comes from at these levels. There is a strong possibility that bioethanol mandates get abandoned as governments can't have people starving whilst food goes to fuel. Watch this carefully.
Fertiliser is being discussed across the various agricultural sectors and the focus will be how do you solve the Russian supply issue.