Currency remains range bound; UK, Europe and US markets trend downwards; French production forecast down; US China lack of deal pushes markets lower; The lack of trade deal also puts pressure on soya prices; Exports to China pushed figures a little higher; Insect control can become hot topic in warmer months. You might want to consider playing some particular music?!
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Sterling rise largest in 18 months. Wheat fairly steady. European market seeing active selling. Trump tweets give rise to US prices in both wheat and soya. What colour should eggs be…? Blue?…
This week the US celebrated the 4th July, Independence (from the UK) Day, the same week that our Prime Minister was trying to reach consensus to agree on the UK’s independence from the EU.
UK wheat market continues to be a story of two halves that just manage to remain connected. There is talk of a reduced 2018 supply of EU wheat. Soya bean markets are undergoing a liquidation phase. Read about the world plastics problem and the related soya conundrum.
Attention moves to the November wheat futures. Chicago July wheat futures touched 16-month highs. Weather in the Ukraine could damage crops. Soya prices remain volatile and the story behind the Plimsoll line.
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UK wheat prices showed a small bounce earlier in the week but have returned to the gentle downward trend, with the May wheat hitting contract lows of £137.50 and finished the week just above that level. Can a swarm of locusts cause huge embarrassment to Russian officials if as feared, the locusts sit down to enjoy some of the football pitches set aside for the World Cup in June this year.
All wheat markets are weak, reflecting ample global stocks and pressured by forecasts of larger Canadian and Australian harvests. Brazil and Argentina are also currently busy harvesting, so the world is not short of wheat. Back in the 18th century, a paper was needed in order to prove that cocks are incapable of laying eggs...
November wheat futures appear to have touched a 5-month low on the 23rd August at £136.55 and in the successive 10 trading days have struggled to rise to about £142/t
Last Friday November wheat futures closed at £139.60 and following the Bank holiday we had two quiet days.
Two weeks, ago on Friday 11 th November wheat futures closed at £142/t; last Friday it closed at £138.80, on Tuesday it hit £137.00/t and today it is trading back up at £139.00.
November wheat futures closed at £143.75 last Friday, and ended this week at £141.60. A month ago it was £154-ish, so we appear to be in a slow downwards trend as the EU harvest pressures the markets.
Commodity markets are currently, all about the weather, the funds and currency. US soil conditions are a bit like the curate’s egg, there are some rotten bits as well as parts that are excellent.
We are all suffering from the US weather market, it is dry in parts, raining in parts but generally the rain is missing the dry spots!
The combination of a bearish USDA report and a better weather forecast burst the price balloon.