Monday Market Briefing - 11th April 2022


Old crop was busily traded last week and has now spent six weeks trading more or less sideways at the highs set in early March. The only danger now is in getting stuck at the end with a round peg when only square holes are available. Judging the gap between different markets has become quite tricky. As prices have doubled, so too have the appropriate premiums and discounts for different items. Hence an apparently large £30 spread between old crop and new crop, for example, is arguably only the same as £15 would have been in previous years. Similarly new crop corn at 43 Euros below wheat seems cheap but in percentage terms is probably about right.

It’s hard to say how these differences will play out, but certainly new crop led the way last week – LIFFE setting a new high for Nov and closing the gap on old crop. As the war settles into a potentially protracted next phase it’s possible the eventual meeting point of the two markets will be a high one. Friday’s USDA world supply report held no shocks either way, but certainly nothing to scare the bulls who are concerned at the historically poor condition of US winter wheat. As we’ve said before, it’s a relatively small crop in global terms, much less than half the size of the EU wheat crop which is in excellent shape, but in current circumstances any extra threats to supply are significant. Support should continue this week, albeit as offices empty ahead of the looming Easter break don’t expect fireworks.

Have a good week

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HSENI names new farm safety champions

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Written by William Kellett from Agriland

The Health and Safety Executive for Northern Ireland (HSENI) alongside the Farm Safety Partnership (FSP), has named new farm safety champions and commended the outstanding work on farm safety that has been carried out in the farming community in the last 20 years.

Two of these champions are Malcom Downey, retired principal inspector for the Agri/Food team in HSENI and Harry Sinclair, current chair of the Farm Safety Partnership and former president of the Ulster Farmers’ Union (UFU).

Improving farm safety is the key aim of HSENI’s and the FSP’s work and...