Market Report 21st September 2018
Grain markets rally higher, as selling seemed to run out following the recent break. Russian Ag Ministry reduce wheat export estimates for the season by 5mm to 30mmt (USDA 35mmt). Trade still estimating closer to a 25mmt total. IKAR reduce Russian wheat crop estimate by 400tmt to 69.2mmt. Sterling weakens this week as rhetoric from the UK and EU turns more negative surrounding negotiations. Approx. 15% below levels prior to the referendum vote. US funds estimated net short -1