Monday Market Briefing - 13th November 2023

The UK won a rare mention in last weeks USDA report, generally we go unnoticed by that distinguished body but this time we were one of five Countries worldwide referenced for missing our 2023 wheat output estimates- fame at last. The report rarely carries shocks to the market at this time of year as harvest outcomes are fettled with rather than altered dramatically. Global end of season stock forecasts were slightly increased and probably markets this week will struggle to hold on to the modest gains made so far through early November.

Opportunities for pre -Christmas movement are mopping up pretty quickly now, get in touch asap if you are still thinking of doing something in that period. With another 70mm of rain currently in the two week outlook , the chances of a big swing towards spring drilling increase. There is understandably some concern about the marketability of spring crops next year if plantings do see a dramatic expansion. In fact, the likelihood is that all these crops - whether its malting barley, oats or indeed pulses – are likely to see healthy demand certainly in the early months of the new season.

If this is still a worry, there are cracking new crop prices on the table now for all of them- which is partly explained by the now long established higher base price for that crop year.  Speak to your farm trader about low-risk options for getting some cover on.

Have a good week.