Tuesday Market Briefing - 3rd May 2022

Markets remain well supported and reached new highs again last week. The war in Ukraine has entered its third month and Russia now appears determined to take control of the country’s entire Black Sea coastline – from west to east.  If achieved, this would have severe implications for Ukraine’s grain export capability in the future. However, progress on the ground remains grindingly slow and it’s certainly not clear that Russia will be ultimately successful.

Struggling to be heard in the background is the traditional weather market we normally obsess over at this time of year. US wheat now has some rain in the forecast which might halt the slide in their crop ratings. At home, spring crops have got away well but will be ready for a drink now. High pressure is still parked to the west of Ireland and keeping most of north western Europe cool and dry. That system holds for a bit longer, but is set to move away over the coming weekend, after which the westerly airflows we associate with rain will resume. Fingers crossed then that everyone catches some of  what we need by then – farmer selling remains very quiet in the meantime.

Have a good week

To speak to our Grain Traders, call 01243 784171 or email grain@bartholomews.co.uk