Market Report 31st May 2019

Markets rally sharply early in the week, led by the US , before selling off, following US political developments US markets weaken on suggestion of new taxes on Mexican goods. Fear there may be consequences on US Ag imports to Mexico by retaliation. Circa 15mmt corn imported annually. US funds estimated net short -23k corn, -130k soybeans, -65k wheat. Massive corn short covering evident over the last 2 weeks - given position was origionally circa -300k short. Brexit developments - specifically around the Conservative leadership race - drives Sterling lower, boosting London wheat as a No Deal Brexit scenario becomes more likely. DEFRA confirm UK 2018 wheat harvest at 13.6mmt, down 1.2mmt on 2

0191 428 7700

Tyne Dock, South Shields NE34 9PL, UK

©2017 BY TYNEGRAIN LTD. PROUDLY CREATED WITH WIX.COM