Additional UK Nov-20 wheat support

[CRM AgriCommodities]

​ ​ Additional UK Nov-20 Wheat Support The pound continues to fall against the euro, providing additional support for UK wheat markets. Falling below £1=€1.09, Nov-20 UK feed wheat futures have continued to push higher, to £177.75/T. Global markets gained support today ahead of tomorrow’s USDA WASDE. Watch for the overall US corn ending stocks figure as production is assumed to be trimmed and ethanol consumption trimmed. For wheat, watch for upward revisions to Russian & Australian wheat production in the September WASDE. Wheat / Barley The Russian wheat harvest has reached 84.4% complete. SovEcon has upped Russia’s wheat crop 2020 forecast by 0.7 MMT to 83.3MT. Corn / Maize US Ethanol usage continues to dent consumption outlooks for corn. Tomorrow’s September USDA WASDE release will be watched closely for the degree to which production is downgraded, and how to the degree that falling ethanol demand reduces US consumption. Weekly US ethanol stocks reduced slightly last week to 19993Kbbls, but production remained depressed at 944Kbbls per day, slightly up week on week but still down over 8% year on year. Oilseeds & Oil Oil prices have continued to fall as demand fears continue to outweigh the cuts to production as US commercial crude oil inventories increased by 2.0 million barrels from the previous week. US export sales of 195KT of soybeans for delivery to China during the 2020/2021 marketing year have been made today. Click here for a Graintab Trial​ ​ Sign up for a free trial with us here