The IGC’s September report gives some context to the markets struggles. They see world grain output up 87 million tonnes this year, with good reports from southern hemisphere producers adding to the piles.
Read MoreFollowing the Fed’s interest rate cut last week, US stocks rallied sharply as investors gained confidence for Q4 economic growth.
Read MoreThe US Federal Reserve cut interest rates by 0.25% last week – the first rate change of 2025.
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The USDA September update came out late Friday, it was neutral/bearish in tone as they continue to shuffle their numbers on corn output – bulging wheat crops elsewhere in the world will offset any tightness in US wheat figures.
Read MoreMarkets are flat-lining sideways, faced with a barrage of positive news about crops extending now into the southern hemisphere as well as the north.
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As harvest nears completion in all areas some more reliable yield estimates are emerging. The south has done ok, but the further north you travel the situation deteriorates rapidly.
Read MoreThere’s no getting away from it, Tuesday USDA update was a bit of a bombshell. In raising predicted corn yields to an astonishing new record they added at a stroke 25 million tonnes to this years US corn crop.
Read MorePrices remain under pressure as favourable harvest reports continue to land across the northern hemisphere from east to west.
Read MoreHarvest pressure is visible in all wheat markets as favourable weather in US keeps progress ahead of average for this date.
Read MoreIn a quiet news week, markets were broadly sideways , UK prices are still being slightly propped up by recent weakness in GBP which has pushed about £5/mt into our levels, all welcome whilst it lasts.
Read MoreHarvest gathered pace last week as everyone rushed to beat the rain delay we are now in the midst of.
Read MorePrices continue to track sideways- it does appear we have found the bottom of the long sell-off – but impressive yields and quality across practically all northern hemisphere harvests will weigh on markets for the time being.
Read MoreWheat dumped £7.00/mt last week as the market removed any Middle-East risk premium and early harvest reports rolled in.
Read MoreMarkets have firmed slightly and there is better value around now particularly on new crop compared to a week ago.
Read MoreEnd-of-week rallies are in fashion, as again, a positive Friday performance brought wheat back to unchanged for the week.
Read MoreLast week was a quiet one on the markets, £180 on NOV25 LIFFE is becoming a significant barrier, we spent most of the week below it before rallying to close bang on the number Friday.
Read MoreNew crop markers scored a new low on Friday as we continue to bump along the bottom, seemingly impervious to stories about supply that might be considered bullish in different times.
Read MoreWe saw a mini–rally in the first part of last week triggered by a sharp dip in the value of the US Dollar which of course adds value to US exports.
Read MoreSpeaking to buyers at a trade event last week it’s apparent there is a broad consensus that wheat is about as cheap now as it’s likely to get.
Read MoreAnother tough week for wheat prices saw Nov LIFFE close below £180 on Friday, its likely now we will have something of a stand-off with growers obviously unwilling to lock into prices perceived as below the cost of production.
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