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.
Filtered by subject: Soyabean
UK wheat price has increased dramatically. Pound dropping to lows against the dollar. Sword fights and castles… what boys dreams are made of…
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.
UK May wheat futures continue to trade within the same tight channel of the last four weeks and lacking any significant change in local or global supply and demand it continues to do so. It seems that the inclusion or exclusion of a comma might be very expensive as a US court case has recently highlighted. Another win for the lawyers maybe?!
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.
Last Friday, UK May wheat futures closed down £0.60 at £145.65, the same day that Vivergo announced that they were to bring forward and extend their `annual maintenance’ due to low biofuel prices and low profit margins. They also took a swipe at ‘government inaction’ regarding its failure to legislate for E10 (10% bioethanol and 90% petrol).
A week of contrasts, with wheat down, and soya up and at the same time Samuel Johnson’s adage that 'a fishing rod is a stick with a hook at one end and a fool at the other’ was again proved right!
Last week’s stocks report estimated that the US had 219mt of maize as of March 1st. As the US grew about 345mt last year, this means that they have 63% of last year’s harvest unsold.