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London wheat closed down 50p yesterday; global markets retreated despite continued sterling woes.
UK politics remains messy, especially with Brexit negotiations imminent keeping sterling weak.
UK imported 209,200 tonnes wheat in April (main suppliers Romania and Denmark), this made UK a net importer of wheat for the season. Decent volumes of corn have also been imported.
The rise of US markets ended abruptly as better weather forecast and bearish sentiment resumed. Overall crop ratings are significantly worse compared this time last year, corn is below alleged production costs and farmers are not selling.
Recent rains have raised EU crop prospects as other origin supply have fallen.
Despite weak sterling and good demand to Spain / Portugal for barley, prices have not improved, but should do with Black Sea supplies destined for Saudi and China.author: Joe Beardshaw