Monday Market Briefing - 26th June 2023

Extraordinary scenes in Russia this weekend, with rebellious troops marching towards Moscow only to think better of it half-way there. The fact they were able to make such progress apparently unimpeded is embarrassing for Putin and there will be concern as to what he might now do to reassert himself.  

Friday saw a modest dip on wheat futures but they still managed a gain for the week, extending the recent rally further. US corn crop ratings plunged which gave the market its early momentum, now rain is forecast in key areas in next ten days. It’s hard to see US corn production recovering from this point to match the original forecasts from the USDA - a revision lower will have to come at some point - but does that really matter as the pace of export sales for both old and new crop lags far behind what’s required? Buyers will focus on cheaper Brazilian supplies at these parities; this market looks like a selling opportunity especially for early season positions.  

Bartholomews packed programme of June events culminated in the main Chalton trials last week with a huge turn-out it was great to see so many there. This week sees the last of the grain breakfast meetings where we look at market prospects for the coming season. It’s not too late to grab a seat at one of these events, taking place at Salisbury (Tues), Headcorn in Kent (Wed) and Hungerford (Thurs). All start at 08:00 and last a couple of hours including breakfast. Call the Grain Desk on 01243 784650 if you are nearby to any of these and would like to come along.  

Have a good week.