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Corn/Maize

The US Corn has improved with favourable weather conditions.

The French maize crop is likely to yield well this year.

China has not been in the market for corn this week as China/US tensions rise.

In South America Brazilian second-crop corn harvest is 56% done.

Wheat/Barley

The US winter wheat harvest is close to completion and the spring wheat harvest has started in some states. Both are yielding well.

Russian wheat continues to be the cheapest currently despite lower than expected yields.

Ukrainian wheat looks to be down 9.2 million tonnes on last years bumper harvest of 75 million tonnes.

With weather improving this week there is hope that the UK barley harvest will continue prices are holding steady, but the feeling in the trade is that prices will fall once spring barley harvest starts.

Wheat across the EU and UK are reporting lower then expected yields. No big surprise with the wet winter and dry spring.

Soya

US soya crops are improving, this is lifting the confidence that the US in in for a bumper harvest.

In Argentina outbreaks of coronavirus infections were reported yesterday at Argentine soybean crushing plants. Whilst the impact on meal output will probably be small this comes at a time when Argentine crushing levels are already on the low side.

Oil

Oil traded lower as coronavirus infections continued to spike in China, Spain and Germany, softening the demand outlook for oil.

Currency

The weakening US dollar due to the fears of a second wave of Corona has caused the pound to lift to £1.2985 to the dollar at the time of writing.

With ongoing Brexit negations is £1.30 out of reach.

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