- Location
- Lincolnshire
- US wheat futures rose yesterday with European markets following suit. However, with no fresh fundamental news in the market this has been attributed simply to fund short covering.
- European weather conditions remain satisfying for crop growth, with the only slight area of concern being that intermittent rainfall and sunshine in France could be favourable to the development of diseases.
- In the Black Sea, crops are also benefitting from favourable climatic conditions, and it has been noted that the crops were already in good conditions by the end of winter and could now potentially be showing a higher production potential than last season.
- The Bank of England downgraded its 2016 UK Gross Domestic Product growth forecast yesterday from a YoY 2.2% to 2.0%.
- Generally cloudy across the UK today with some showers this morning, with the cloud breaking up in the afternoon, providing sunny spells across the country.
Last Trade Settle:
London May '16 Settle £106.20/mt –up £0.20/mt from previous close (Expiry 23/5/16).
London July ’16 Settle £106.90/mt – up £0.45/mt from previous close.
London Nov ’16 Settle £117.20/mt – up £0.70/mt from previous close.
Paris Sep ’16 Settle €161.50/mt – up €0.75/mt from previous close.
Paris Dec ’16 Settle €167.25/mt – up €0.75 /mt from previous close.
Currency today:
GBP EUR 1.2699
EUR GBP 0.7869
EUR USD 1.1334
GBP USD 1.4398