ADMISI London Wheat Report for 21 October 2020

Another busy day on London wheat with some sizeable AA’s being posted (612 lots in total). Focus is definitely turning to May21 now as Nov20 becomes technical with first notice day on Monday. A resurgence in the value of Sterling, up 1.65% against the USD and up 1.22% against the EUR (at the time of writing) on the back of news that UK/EU trade talks will resume and sparking optimism that a deal can be reached. Nov21 is also gaining ground on old crop as sellers refrain from selling new crop until the weather improves and more is known about plantings.

Outside markets were firmer today, with the dryness stories in Russia and the US keeping prices supported for the time being. Most are now overbought so a technical correction to the downside is becoming increasingly likely. Too much rain in Australia, record high prices in Russian wheat and talk of $5 US corn and $12 US beans being possible were also supportive factors.   

 

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