Monday Market Briefing - 13th June 2022

To save time, we could just copy-and-paste the briefing note from two weeks ago, there is more new crop activity developing - markets continue sideways but under-pinned with Nov LIFFE closing at £306 Friday after the USDA report offered nothing untoward. India’s crop shrinks further but Russia may have more. Prospects for opening Black Sea shipping lanes for loaded vessels remain distant. Everyone wants to blame everyone else for starving the World and gradually we all come to understand what living in a ‘post truth‘ world actually means.

This week should see the EU sign off on the rushed process to confer ‘candidate’ status on Ukraine to eventually join the EU (alongside possibly Moldova and, less likely, Georgia as well). The EU has an impossible hand to play but it’s not hard to see that these moves render a negotiated end to the War inconceivable any time soon. Russia’s response to the announcement when it comes may set the tone for markets later this week.

It was a great pleasure to attend the Barcelona Bourse last week and catch up post-covid with old friends in Spain. Early prospects for large crops there are now diminished by extreme heat going into harvest. With southern French milling wheat also affected we may have the best opportunity in a very long time for a positive campaign on UK milling wheats if our own crop behaves itself.

Have a good week.