- Location
- Chichester
Markets held the positive tone of the previous Friday , gaining £4 on the week to settle just above the multi-week support level of £220 on May LIFFE.
Several Countries followed the US lead in advising citizens to exit Ukraine if possible, although it’s not clear what this is based on as yet and, contrary to some reports, activity in Black Sea grain ports appears so far unhindered. French wheat is the cheapest available alternative if things deteriorate, hence base prices continue to enjoy support. Despite this, premiums for milling and malting grains slipped further on old crop, meaning overall, the bids for top grades were lower by Friday. Remaining gaps for group 1’s in March will fill up quickly, so let us know if you are thinking of placing some.
In March the USDA takes its traditional first stab at 2022 crop prospects. Early predictions are for a dip in US corn acres (partially in favour of wheat) which sharpens the focus on the more immediate concerns in South America, with most observers seeing a smaller corn crop there than the recent USDA estimate. For the time being, new crop wheat will be very much a follower of the much larger corn market, but everything points to another season where the overall balance of supply and demand will be perilously tight.
Have a good week.
Several Countries followed the US lead in advising citizens to exit Ukraine if possible, although it’s not clear what this is based on as yet and, contrary to some reports, activity in Black Sea grain ports appears so far unhindered. French wheat is the cheapest available alternative if things deteriorate, hence base prices continue to enjoy support. Despite this, premiums for milling and malting grains slipped further on old crop, meaning overall, the bids for top grades were lower by Friday. Remaining gaps for group 1’s in March will fill up quickly, so let us know if you are thinking of placing some.
In March the USDA takes its traditional first stab at 2022 crop prospects. Early predictions are for a dip in US corn acres (partially in favour of wheat) which sharpens the focus on the more immediate concerns in South America, with most observers seeing a smaller corn crop there than the recent USDA estimate. For the time being, new crop wheat will be very much a follower of the much larger corn market, but everything points to another season where the overall balance of supply and demand will be perilously tight.
Have a good week.