French wheat traded down all day, as did London. London volumes haven’t been as impressive as the last couple of days, but still made it near to the 200 mark. The May24/ Nov 24 spread has been trading at £8. Ukraine has sharply reduced its exports of farm goods to Asian and African countries so far in 2023 due to blocked seaports in the Black Sea, which has traditionally been the main export route.
On Thursday, the International Grains Council raised its forecast for 2023/24 global corn production by 4 million tonnes to 1.223 billion tonnes. On paper, this is a bearish report for corn. Soybeans have been pumped up this week but came crashing back down in today’s trading. At one stage in the early afternoon Soybeans were trading 30 cents down. Weather forecasts for Brazil, which have been driving the market for several weeks, are still to be followed. Amid a further sharp fall in crude oil prices, financial operators yesterday sought to reduce their positions in the whole soybean complex. Meal prices also fell back after hitting a new high in the middle of the week. On the grain market, only corn prices rose slightly yesterday, but remain close to recent lows.