A sharp rally on Friday could not prevent the markets having another down week, as sentiment remains pretty negative. The story evolved somewhat during Friday but essentially Russian Ministers sought to put a floor in their own export market by declaring that cargoes sold below an arbitrary minimum price would not be granted the necessary export licences required for them be shipped. Obviously markets had to adjust to that new level and, unless it’s undercut by more aggressive Ukrainian activity, it should at least halt the downside if it is applied as described.

China continues to receive Russian wheat over-land but is also buying up most things on offer in World shipping trade from EU barley to US corn. The first projections for 2023-24 global grain supply and demand look very tight and that’s before anything goes wrong weatherwise so it’s easy to see why stocking up might be a good tactic. All this and more will be discussed at this weeks Shoreham Users Meeting on Tuesday 28th March, 10:00am registration at The White Swan, Arundel for what will be the first opportunity to catch up properly after this season’s turbulent events. A light buffet lunch follows the presentation and everyone is welcome, storage and non-storage customers alike. Give the office a call on 01243 784171 to book a seat if you have not already done so.

In the meantime, spot opportunities continue to pop up on old crop, they fill up pretty quickly so keep in touch often for the best deals to clear your barns.

Have a good week.