Monday Market Briefing - 22nd March 2021

China once again showed a flair for catching markets perfectly, as prices wandered lower they bought another 4mln tones of old crop US corn across the week. USDA ending stock figures were already tight, and may now be over-stated by as much as 30%. By Friday everything looked over-sold and we expect some price recovery this week. The US will be increasingly fixated on 31st March when the USDA release not just farmer planting intentions, but also the March 1st  stock updates which now acquire renewed significance.

Wheat buyers will be more interested in the prospects for the European/Russian crop, which dwarfs the US wheat crop in scale, but with little news coming out of Russia and our own crops looking very well, we continue tracking corn for the time being.

Nearer to home, Ursula von der Leyen’s threat to seize vaccines destined for other Countries will go before Europe’s leaders at a summit later this week- it’s not clear if they will back her, but currency might be jittery as that story develops.

Shoreham loads its last old crop feed barley cargo this week, with Planet and Propino vessels due soon – don’t miss these if you have some left. We are going to run out of barley! Proof if it were needed that a few extra acres need not be a problem if we are growing the right products.

Have a good week and stay safe.