We had a see-saw week ending up unchanged. Mondays USDA report confirmed what we already knew that the US wheat crop is performing very well, we traded lower.
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Markets continue losing ground , transfixed by the good progress of the US wheat harvest which will be confirmed in Mondays USDA progress report later today.
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Markets were under pressure early last week but eventually shrugged this off to end higher with Fridays close on Nov LIFFE being the first weekend close above £200 for some time.
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We had a flat sideways week in the end after LIFFE tried a couple of times to break up through £200 but lacked the buying interest to keep it there.
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Markets remain very quiet but still tending to drift lower as buyers wait on the sidelines
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A promising start to the US wheat harvest has brought some downside pressure into the market – Chicago led the sell off and dragged everyone else along for the ride- stopping the two month rally in its tracks.
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rench markets continue firm as their latest crop reports downgrade wheat ratings further, but UK has not followed suit this week ending slightly lower
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As we said in our last briefing, the upside rally may be ready to take a breather and sure enough, two weeks down the track - despite daily volatility - we are pretty much sideways
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A return to cool wet weather forecast for this week is probably welcome in many quarters for late drilled spring crops.
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Markets looked drifty for most of the week but another strong Friday performance brought us back into slightly positive territory again.
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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.
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