Monday Market Briefing - 4th March 2024

Last week saw markets give up most of the previous weeks gains, corn had looked to be supported but wheat was the main culprit, weather prospects are generally good and wheat is really in need of a positive story to set against aggressive Russian selling which still continues. China is back in the market buying Ukrainian corn which should be supportive and this week on Friday we have the latest USDA supply and demand figures coming out, no major shocks likely in that one. The more keenly awaited prospective plantings report – where we learn for the first time what US farmers really think of the current prospects for new crop - is still three weeks away. Expect a cautiously sideways week ahead.

After sleepy/sodden February, March will be a very busy month on execution as export pace of quality grains picks up again. This might well coincide with a crucial drilling window if the improving forecast beyond this week holds true. There is a lot of work to get through on all sides, but obviously ships are on the meter when they are in port so please work with our hauliers as far as possible to get this done.

Registrations for our upcoming Low Carbon Conference on 27th March are coming in thick and fast. Have a look at the programme and, if you think it’s of interest, get yourself registered as seats are limited.

Have a good week.