The rise in the price of UK November wheat futures has slowed. Wheat imports are at their highest. All eyes are on the USDA report. Soya bean trade has continued to slow.
Filtered by subject: Drought
UK Wheat futures continue to rise. Drought affects yields and supply globally. Tariffs continue to change the market dynamics. Did the original Iceman have a handle on his diet… it would seem so.
Highs and lows as wheat is driven by currency, Brexit and Trump. Lower wheat crop yields, lower soya crops, China tariffs and weird ground drawings.
Wheat futures firmed during the last two weeks, extending the recovery phase. European markets most have been low on action, but have finished slightly up. The predicted cold weather may be holding back traders, as the effect on wheat production is as yet unknown. An extremely rare fossil of a baby bird which lived 127 million years ago and shared the planet with dinosaurs is helping us understand the evolution of birds.
The UK market seems to be stronger as rumours and currency pushed London wheat to three-month highs. Drought seems to be affecting many areas of the world. The remains of England’s most notorious and richest pirate Captain Black Sam Bellamy may have been discovered on the wreck of his ship the Whydah Gally.
The physical price remains pretty stable day to day, with currency and political developments being the main drivers in longer term, though the actual price level depends on the north-south distance from Hampshire. La Niña is being blamed for the dry conditions in Argentina as well as Brazil’s wet Mato Grosso state, which is delaying its harvest. About half of the UK’s 900 KFC outlets have no chicken. Not so finger likin good!
The combination of a bearish USDA report and a better weather forecast burst the price balloon.
US spring wheat futures hit a three-year high as drought conditions continue in the northern US plains and Canada, with the poorest rainfall for 20 years.