Improved weather prospects (rain) for both US Plains wheat and Argentinian corn, helped markets resume the January slide
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The downside momentum in wheat markets has continued but by the end of last week there was a whiff of a change in tone. The hefty South American corn harvest still weighs on sentiment
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May futures dipped below £190 for the first time last week, a downside breakout which might put some further pressure on values this week.
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t’s the start of a new calendar year and often this means markets turning their attention to the forward positions with renewed interest.
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These kinds of uncertainties tend to lead to firmer markets so we wait to see the effect if any. At home there are some glimmers of interest
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Markets were better supported last week, China bought over 1 million tonnes of US soft red winter wheat- a huge cluster of purchases which helped bring a firmer tone.
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We continue to rumble along sideways but with a lot more action going on. Egypt booked a large tender of mostly Russian wheat and China bought US wheat for a second week in a row
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There were some attention grabbing stories around last week, a cargo ship struck a mine near the mouth of the Danube, and also unconfirmed reports of China buying US wheat which would be unexpected if true. In the end the stubborn refusal of markets
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