Monday Market Briefing - 26th February 2024

Markets had a positive week , the first time we’ve been able to say that in a while, as buyers finally saw value in the lower prices for old and new crop. Weather forecasts for France promise another two weeks of wet weather seriously hampering spring drilling there which should be finished by mid-March but will have made little progress by then if the forecasts hold true. French traders already have some hefty third Country harvest sales to fulfil so the early season market could be lively especially as old crop barley supplies dwindle. 

Malting barley may be about to get more interesting, but prospects for the wider feed grain markets are still hampered by US corn. The US market as ever is infested with clever analysts keen to explain now what we all should have done six months ago, and farmers over there face imminent decisions about what to plant this year against a background of dire warnings for the state of their corn market due mainly to record levels of carried over unsold stocks. USDA planting outlooks will be an interesting read next month, at least until these come out expect the market to remain cautious about any real upward momentum.  

Have a good week.