8 April 2013

Posted on by
  • Markets started the week on a firmer note as discussion abounded on the subject of freezing conditions causing crop damage in the US; additional support was derived from reports that China has purchased multiple cargoes of US wheat, actual numbers are to be confirmed but some 14 to 16 are suggested but confirmation is awaited. The final supportive note came from drier conditions in the western Plains region.
  • With the USDA scheduled to release its April WASDE report on Wednesday we expect rallies to be capped before too much upside is seen. The level of confidence exhibited in the NASS quarterly corn stocks will be extremely interesting and watched by everyone.
  • Paris wheat prices reached two month highs whilst the UK made better gains with new crop UK prices making premium gains over Paris; perhaps based upon the concerns which exist over declining UK output potential as unseasonal cold conditions continue to delay crop development and ultimate output.