Tuesday Market Briefing - 9th May 2023

We looked to be in for another slippery week last week, only for Wednesday’s roof top explosion at the Kremlin to provide a turn-around. Flat sideways in the end, and a reminder of how sensitive these markets can be to unexpected news from the warzone. Nothing in the supply and demand forecast suggests a follow through on the upside just yet so – with weather relatively benign and more USDA data due this week – we can expect to chop around unchanged for a while longer.

NOV LIFFE seems to have formed an attachment to the £200.00 mark and is currently holding that level despite GBP trading near this year’s highs.

Our own export programme continues at some pace, last week saw two malting barley vessels depart Shoreham, this week we switch to milling wheat and then oats, just ahead of the next barley boats arrival. Bartholomews will hit record volumes of malting barley shipments this season - It seems that worldwide beer consumption has not suffered in the downturn to the extent some other food groups have. Good news in every sense!  

Have a good week.