- Whilst the US is shut today and turkeys are scarce the EU continued to trade with limited input to influence direction of prices. Argentina’s 2013/14 wheat crop was estimated by the government at 8.5 million mt, down from 8.8 million mt when trade expectations were in the opposite direction. As a consequence MATIF wheat took cover and ran for the hills settling higher. The government are using their figures as a base for export policy whilst the trade are looking for 10 million mt plus.
- Brussels issued a further big week of wheat export licences with 596,987 mt bringing the season to 11.77 million mt, which is 3.7 million mt (45.8%) ahead of last year. Extrapolated numbers bring us to around 30 million mt annualised exports.
- The latest IGC numbers, released today, show the global 2013/14 wheat crop at 698 million mt an increase of 2 million mt month on month and global corn also up 2 million mt month on month at 950 million mt.
- Markets resume tomorrow but are expected to be thin on the ground as many players will extend their holidays into the weekend.