Monday Market Briefing - 20th January 2025

A modest Friday rally brought us back to just shy of unchanged on what was a wobbly week all told. US markets are preoccupied with the new president's inauguration this week, and what that might mean for agri-tariffs with China. Tariffs played such a big part in Trump's first term and remain a threat going into this one; when they happen they are usually bearish for our markets as world trade is constricted. Latest stats showed Ukraine is already 75% through its projected wheat export programme for this season, meaning a significant slowdown in volumes in the second half is expected. Possibly that will be the opportunity for the UK's feed wheat surplus to find a route into the market later in the season if it can price competitively.

At home feed wheat and feed barley continue to trade freely in Jan-March positions with enough demand ongoing to keep things busy; this represents growers' best cash generating option for now. Quality grades including oats are still being pushed back to later months as weak demand for added-value end-products remains evident.

Have a good week.