Mixed fortunes for EU wheat farmers as Brexit weighs

[CRM AgriCommodities]

Cereals

• UK wheat producers are feeling the impact of a Brexit standoff from buyers as uncertainty grows ahead of a looming Brexit deadline and exporters struggle to place UK wheat.
• Merchants are under pressure to find homes and storage for a larger than expected wheat crop with aggressive harvest selling adding to the pressure.
• The spread between UK and EU Maize is at -£16/T, the widest in three years and the cheapest vs EU wheat since July 2017.
• In the US, yesterday crop progress report showed a 1% increase in both corn and soybean crops conditions at 57% and 55% respectively following rains last week. Both remain behind normal maturity by 2-3 weeks.
• Egypts latest wheat tender for wheat saw French origin the cheapest at $193.86 for 60KT.

Oilseeds

• Soybean prices were under pressure as conditions in the US improved and Trade War.
• Veg oils experience a sell off with palm trading lower.
• Domestic meal prices were softer over the past week echoing the global pressure.

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