landslave the 2nd
Member
- Location
- near the zoo (m42 j11) east mids
And oil storage full by mid MayAlso currently clueless!
May feed wheat around £151. Nov 20 £158, so the carry just about covers storing unsold old crop into new. Still a lot of maize around plus 11 mmt of US maize that's not going into a depressed ethanol market. Old crop osr feeling the pinch of reduced oil demand from biodiesel and fast food cooking. 9.7 million barrels/day production cut agreed by OPEC Plus on the back of global oil demand dropping by 1/3. Brent Crude still only $31/barrel. FTSE 5843, down from 7674 in Jan but up from 4994 23/3/20
Sell or carry old crop through??? I'd sell, if only to clear the sheds ready for a new crop that seems to be getting smaller every day it doesn't rain.
On the upside, where is the wheat trade going to come from if the Russians step back from exports? Yes, the world has big stocks of wheat and maize on paper but look at where they are - China.