Monday Market Briefing - 29th January 2024

Improved weather prospects (rain) for both US Plains wheat and Argentinian corn, helped markets resume the January slide. Early projections for 2024 -25 Supply across all grains are for slightly  reduced plantings particularly for wheat, but better yields to offset any impact. It’s easy to predict better yields in January.  As consumption grows, world trade continues to shrink which seems an oddity - possibly just a symptom of a slackening in Chinas hitherto rapacious demand.

Quality concerns over Argentinas barley crop will sharpen Chinas appetite for European barley this spring, which will be critical to generating some enthusiasm for the anticipated crop this year. There is enough farmer/trade selling across Europe to test markets generally at the moment and prices continue to struggle as a result.

Home markets are getting filled up for nearby months now, late season movers might want to wait for better days ahead, but if you need to move anything soonish best to have a chat and get it booked in.

Have a good week.