Our market reports are opinion based and are not instructions to trade. You are responsible for your own trading decisions.
Yesterday, November 17 London wheat closed down £1.25.
European wheat yield forecast has been reduced 0.05 t/h to 5.86 t/h due to dry / heat ( 5 year average 5.84 t/h). Barley also reduced to 4.7 t/h (5 year average 4.83 t/h); reports from France suggest disappointing barley yields.
UK crops are rapidly changing with concern about wheat and it is still June.
Russian crop potential good, but Ukraine may have been damaged by dry conditions.
US corn and soya markets are quiet but wheat is down, having recently hit 3 month high; the rise in wheat was attributed to funds reducing positions due to weather but now they are neutral.
USDA report this Friday will forecast planted areas, it is expected to be a big increase in soya area, production estimated 4.43 – 4.50 billion bushels (consumption 4.23 ).author: Joe Beardshaw