Monday Market Briefing - 2nd October 2023

The USDA’s latest pronouncement caught everyone a little off guard late Friday, some chunky changes to their yield estimates led them to revise wheat stocks up and corn stocks down. That was enough to knock out the week’s gains on wheat, which had been having a relatively feisty week up to that point. In truth, the new numbers were within the range of expectations and this report probably won’t live long in the markets memory.   

Home interest for lower grade milling wheats featured strongly and there are good openings now for these both sides of Christmas. These are important markets for us now as the much anticipated export campaign shows no signs of life on wheat. The steady stream of distressed, obscenely cheap material sloshing westwards from Ukraine continues to disrupt and distort our western European feed markets and there appears no end in sight to that one.  

So with markets stuck once again at the price they first hit twenty weeks ago, it feels pretty safe to predict a sideways week again.  

Have a good week.