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London wheat traded up 55p on Tuesday but lost this small gain yesterday, although on light volume.
US corn and soya firmer as weather continues to threaten yields but wheat slightly weaker.
Very early UK wheat results indicate good quality with ‘alleged’ very high kg/hl. UK wheat about £5 too expensive to compete in current export markets, but with tight balance sheet it will depend on production.
French wheat quality good with high protein, this may help their export programme.
UK barley does compete in export markets at current levels and already export volumes look very healthy. First spring barley results showing very variable quality in terms of screenings and nitrogen, but too early to draw firm conclusions.
Sterling slightly down as lower inflation rate reduced need for interest rate rise.
author: Joe Beardshaw