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DJE 10.11.17


DJE Market Report 10th November 2017

“A week is a long time in politics” My goodness how right were you Harold; however it does affect the pound in your pocket!

If you can permit me to put aside the current political turmoil’s of sackings, inappropriate behaviour, etc, I will present a down to earth market report.

Global Issues

  • Yesterdays USDA WASDE report highlights
  • Corn yields were increased to 175.4 bushels per acre, which was above trade expectations. This will lead to higher US and world carry out stocks
  • No change in soya bean yields, traders had expected a small decline
  • Wheat yields were in line with trade expectations which included declines in Australian production and increases in the EU
  • Overall a mildly bearish report.
  • Brexit of course cannot be ignored and alongwith all of the political issues we are currently experiencing it can only result in £ weakness but “apathy rules...so what?” we couldn’t export wheat when £/€ was below 1.10 so we have no chance at £/€1.13+. Some suggest that the € is undervalued but should strength in € occur it would weaken MATIF which could undermine levels in both UK wheat and rapeseed.

At home


We have seen a fall in London futures prices but now appear to be firmly range bound. Farm feed wheat prices however have remained firm in comparison. The strong demand continues to come from the North and has kept prices firm for anything that is suitably located for a trip up North.

In comparison we have seen a significant decline in milling premiums as trader’s rifle through their samples and discover that there is more marketable milling wheat than they originally believed. Millers in the meantime have taken on good cover through to March 18 and are approaching new purchases with a relaxed attitude.


Fundamentally supply is available as quantities of malting barley are downgraded. However the lack of ocean freight currently keeps the market stagnant. Malting barley prices have dropped recently but we would expect a recovery at some point.

DJE 10.11.17

David, Rob and Jonni

David, Rob and Jonni


David, Rob and Jonni

David, Rob and Jonni



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