Monday Market Briefing - 22nd April

The race is truly on now to catch up with field work in the better weather, markets everywhere wander sideways, partly reflecting the lack of farmer engagement. An uptick in US indexes Friday illustrated the potential of the Israel/Iran conflict to impact markets but all sides continue to play down the significance of recent events. It is increasingly difficult to find a bearish argument for prices to go much lower but ample world stocks for all major grains hold back the bulls so we are a bit stuck for the time being.

Spring barley emergence is usually a good moment to look at new crop opportunities and perhaps make a first tentative sale for those yet to do so. Certainly the premium on offer is attractive and the widespread loss of quality in farm long holders stocks this season will only add pressure to the autumn market when we get there.

Late old crop feed markets are in danger of being swamped with centrally stored supplies finally coming out into thin demand. If you are hesitating over when to make that last barn-clearing sale, this might be the time as we are quite a way off the March lows now – some reward for your patience- and inevitably someone is going to end up holding the baby this year.

Have a good week.