November 24th

Market Report

Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.

London markets had a quiet trading day yesterday, May 17 up £0.05 and Nov 17 down £1.25.

UK trade is, at present, mainly limited to domestic trade, Vivergo and Ensus requiring continued supplies.

Sterling rose in response to mini budget / autumn statement.

Euro nervous as Austria has elections on 4 December and far right candidate Hofer says he will call for referendum on EU membership; polls have it too close to call.

US markets tend to go dormant ahead of thanksgiving holiday, but renewable fuel mandate supported soya bean oil and corn (37% US crop goes for ethanol), despite $ reaching 13 year high in expectation of interest rate rise.

European wheat plantings suffered poor emergence due to dry conditions followed by wet weather that has delayed further plantings.

India may have to import an extra 5 mmt of wheat, this is above previous estimates due to poor domestic crop.

Glencore ship 53,000 tonnes French barley to Saudi; French barley shipments have been down as China have used corn instead of barley.

author: Joe Beardshaw