November 28th

Market Report

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

Friday trade was quiet with US markets closed for Thanksgiving, however London 16 crop closed up £1.00. Over the week 16 crop was up £0.80 and 17 crop down £1.00.

French winter wheat rated 94% good to excellent (98% this time last year) and winter barley 92% (98%).

Russian winter grain area put at 17.3 m hectares (up 1 million hectares).

Australian wheat crop estimated 28.3 mmt but this is considered low by Nidera (Australia), they are forecasting 31 mmt based on Eastern Australia reporting heavy yields.

Debate about size of Argentinean wheat crop; harvest 35% complete, range of 2.4 mmt from 12.5 mmt to 14.9 mmt.

Threat of bird flu in Europe increases especially Denmark and Finland; 100,000 turkeys slaughtered in Germany and an emu in Ueckermunde zoo dies from bird flu

Sterling remains at a 2 month high against euro (1.1750 / .8517), UK economy grows 0.5% in third quarter and business investment remains above expectation.

Francois Fillon wins French conservative nomination and will run in next year’s presidential elections to face Marine Le Pen, he promises fairer society saying ‘French people want truth and want action’.

author: Joe Beardshaw