Monday Market Briefing - 15th June 2026

November LIFFE hovered around £180 all week, closing Friday at £179.40. Oil came under renewed pressure as the deal to re-open the Straits of Hormuz seems to be in touching distance. Assuming that happens this week, it will be interesting to see if wheat can follow oil lower. Improving crop prospects across the northern hemisphere were confirmed by the latest WASDE report from the US on Thursday where Russian prospects more than offset US downgrades.

Early signs of a much anticipated El Nino impact on weather are appearing now in the southern hemisphere -dryness in Australia and lighter monsoons elsewhere – extra rainfall in South America where ironically,  it was needed and might well improve Argentina’s harvest. Perhaps the impact of a major El Nino will be felt more in the 2027 crop than this one.

Southern and eastern England now has a very friendly two week forecast with enough rain falling last week to drive grain fill. After two miserable harvests can we look forward to a crop that yields to its true potential ? We will hear more on French harvest progress this week which might give us some clues.

Have a good week.