Monday Market Briefing – 29th June 2020

Ships In Port  - MV Beaumont   3300mt  Group 1 / Soft Wheat

A quiet period in the heat last week with markets ending slightly lower again. It felt strange not to be attending the BAF wheat trials at Chalton but the work has gone ahead and the team were on site last week reporting some very healthy looking crops. Recent rain has made a big difference.

As expected the French winter barley harvest gathered pace, yields have been nothing special but a high pass rate for malting samples so far will keep a lid on that market for the time being. European Maltings are all reporting increased production in a way that seems to mirror the wider pace of lockdown emergence. Early reports on wheat are more mixed, the US indicating some good yields but Southern Russia very poor, down 39% on last year. At home we will see a few barley samples in the south east towards the end of this week with the main crop following a week later, about on time.

With crop prospects generally improving, all we need now is the demand side of the market to join in. The UK will be a significant wheat importer this year and with imported corn looking fairly close to our domestic wheat prices it’s difficult to see the market finding much more downside for the time being.

All our customers will receive a note today regarding the up and coming moisture meter clinics – we have arranged three events across our trading area which will give as many of you as possible a chance to get your certificates for this year. The phone number to book a place is 01243 755650. We hope to see you there.

Have a good week and stay safe.