Tuesday Market Briefing - 29th August 2023

Markets were better supported last week as enough buying interest emerged to meet the level of farm selling we currently have. If the US corn crop is safely gathered in, there will be no shortage of grain this season. Putin and Erdogan confirmed this week there will be talks in September to resume the grain corridor which, by then, would happily coincide with Russia's pressing need to export new crop - well no one saw that coming did they ?  

Elsewhere the French Governments $200 million intervention to remove surplus wine from their market was further evidence of the on-going pressure on demand for non-essential goods.

 So, its quite easy to find bearish arguments still, but consumers have a lot of pent-up buying to do for the autumn and winter months. Commercial grain stores typically hold their stocks until the late season months which means the nearby market needs to be sustained from other ex-farm business. How readily this happens will determine the markets movement for the next few weeks. 

Have a good week.