Monday Market Briefing - 29th July 2024

Markets are still dithering over harvest prospects - unsure of the next direction to take and hungry for every scrap of information. The quality of what we’ve seen in the lab so far has been pretty good but with mixed reports over yield.  We wait to see samples this week more representative of the main crop, if the weather window allows. Rain is never far away in the two-week outlook so it might pay to grab whatever is fit in the calm spell forecast for the first half of this week.

The Chancellor will explain to us today, how her spending review has revealed an ‘unexpected’ black hole that will force her reluctantly to raise taxes by more than she said she would before the election. Tediously predictable you might think, but if the scale of the new plan surprises markets, we might see a useful dip in Sterling this week which of course adds value to our domestic crops – keep an eye out for that one in the early season bids.

The somewhat delayed start to harvest will inevitably create demand for available material so make sure you get the crop sampled to take advantage of the opportunities that present themselves and give the office a call if you are considering placing anything early.

Have a good week.