Menu
Headlines
US President Donald Trump has said he "was kidding" about asking Ultimate Fighting Championship (UFC) boss Dana White to be the White House press secretary.
The UK government's electric vehicle (EV) targets are expected to be reduced this week in a move likely to be welcomed by carmakers but opposed by environmental groups.
The average salary of a full-time employee in the UK has passed £40,000 for the first time, official figures show.
Daily Market Update
Wheat
London May 2027 closed at £198.75 in a £195.75-£200.05 range on thin volume. November 2027 was unchanged at £190.75. Paris/Matif December gained €2.50 to €225.50. For the week London May lost £3.75, November 2027 lost £3.00 and Paris December lost €2.50.
Euronext December fell below €220 on Friday for the first time in four months. It was then rescued by heavy short covering and a sharp fall in the euro to 1.1160. March 2027 corn rose €1.25 to €247.25 in its wake.
Markets are waiting on the trilateral Ukraine, Russia and US talks in Abu Dhabi on 10th-11th November. They could prove more complex than some expect, and a safe-passage deal would still add price pressure.
Rapeseed
The only Euronext product to close lower. February 2027 fell €3.25 to €522.75. Crude steadied around $90/barrel but its sharp fall earlier in the week, after the US elections, hit vegetable oils globally, with soybean oil in Chicago and palm oil in Kuala Lumpur falling particularly hard.
US Markets
Mixed. The dollar gained on a positive jobs report, with unemployment at 4.1%, below forecast. December SRW wheat went well below $6/bushel under fund selling, and Kansas wheat is down ten consecutive weeks, the longest run since the 11 weeks of April-June 1997. Corn and soybeans saw fund short covering and renewed demand, though the rebound was modest against the week’s fall. Soybeans closed higher to avoid a tenth straight lower close, and corn fund longs are down to about 51,000 contracts. The USDA announced 136,000 tonnes of soybeans to China and 101,000 tonnes of corn to an unknown destination. China extended its suspension of tariffs on canola meal, first introduced in January 2026.
Tomorrow’s USDA
Tuesday’s report is expected to raise soybean production and stocks and cut corn production and stocks. The US corn yield is still debated.
Opinion
Sub-€220 on Paris and a bounce back within one session. That is a market testing its floor, and the short covering says plenty of funds are already well positioned.
Ten weeks of falls in Kansas wheat is a run not seen since 1997. Oversold markets can stay oversold, but the odds of a bounce improve with every week.
Tuesday brings the USDA and the start of Abu Dhabi, and Wednesday brings the second day of talks. The talks are not as simple as the market hopes, so expect volatility either way.