Monday Market Briefing - 1st November 2021

Make that seven upwards weeks in a row! Despite some mid-week turbulence we set new highs for the season again. The start of the much anticipated Australian harvest was shrugged off by buyers who were more concerned with Russia’s increase in export taxes, effective Friday. This not only increases spot prices but also raises fears about their commitment to forward export programmes of both grain and fertiliser products as we head towards the next crop.

Reports suggest Australia’s export capacity is already fully booked until at least January, one wonders whether the effect of post-lockdown execution constraints has been fully factored in ‘down under’ as these continue to disrupt the European situation. This week Shoreham loads malting barley and group 1 milling wheat, with the lorry fleet running all out to keep up. There is plenty of ongoing buying interest for fresh business in all markets - internal and export - limited only by the availability of trucks to move it, another strong week is in view.  

Have a good week.