Monday Market Briefing - 11th September 2023

Markets pottered along sideways again, but with a steady level of engagement from buyers and sellers mostly for nearby positions. Nothing concrete on the grain corridor yet – Putins comments after Mondays meeting included a pointed remark that grain prices have not gone up since Russia’s withdrawal from the previous agreement which illustrates that there is no food supply crisis. He’s not wrong.  

This week we look to the USDA for direction, they will estimate 2023-24 closing stocks in Tuesdays crop production report. Early season export pace for both corn and wheat is slightly behind the curve, which makes a bullish report pretty unlikely, expect another sideways-ish week ahead.  

What does sit in contrast with the rather dull backdrop, at home at least, is the fairly spicy demand for prompt availability on lots of crops. With milling wheat particularly trading at full value spot compared to the later autumn months, why wait for Christmas to trade at current prices I ask myself ? In any case, with students set to return to Uni in the coming weeks , please get in touch to arrange store sampling as soon as possible if you haven’t already done so. 

Have a good week.