Monday Market Briefing - 8th July 2024

Markets were under pressure early last week but eventually shrugged this off to end higher with Fridays close on Nov LIFFE being the first weekend close above £200 for some time.

Its easy enough to point to news that added support, an uptick in US wheat sales demand helped, and another downgrade in French wheat prospects also, but the truth is these things have been ignored when the market was in bearish mood. Now perhaps wheat looks a little over-sold and the market is happy to park itself at current levels until the looming harvest arrives and we know for sure what we are dealing with. Expect a sideways affair this week.

There is a bit of tightness at home, surprisingly, for lower protein milling wheat which has created an unexpected opportunity to tidy up old crop balances in July, Give the office a call if you have some of that lying around. Our last old crop malting barley vessel of the season leaves Shoreham this week, it looks like we will have a frustrating wait for the next one as that market is showing zero interest in taking early cargoes this year. Make sure you look after your barley well in readiness for the busy autumn/winter campaign.

This weeks forecast is best described as catchy, probably wet enough to hold the majority of winter barley off into next week-  best bids will be for autumn delivery but with enough store activity going on to move the lots that need to go- speak to the office for the latest prices.

Have a good week.