The USDA got back to work last week just in time to publish their November world supply update on Friday.
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Markets held onto the previous weeks gains without looking like they wanted to push higher, US prices had rallied as the Chinese waved off Trump at the airport, but they were already taking advantage of a corresponding dip in Brazilian prices to buy more soybeans there.
Read MoreMarkets had their best week in ages, with May26 LIFFE posting a £4 gain on the previous weeks close - relatively modest perhaps but in a market so starved of positivity it felt important.
Read MoreLatest updates continue to add to the world crop this year, time to rip up the record books, we now know we have the biggest year-on-year increase in World production since 2016, standing at 100million tonnes ( 4%) across all grains.
Read MoreAs the US corn and soybean harvests near completion without any weather dramas, we can say now all the bearish news is fully in the market.
Read MoreThe latest tariff spat between the US and China saw a muted reaction from markets, with corn dipping slightly late Friday on the news.
Read MoreThe 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.
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