The UK market continues to be in a state of confusion regarding our wheat crop size, and Brexit.
As we enter the final quarter of the cropping year, there is no clarity on the UK wheat crop size. Estimates vary, from DEFRA projecting an area equating to a 13.95 million tonne crop, to the Basic Payment Scheme (BPS) survey suggesting a 100,000 hectare reduction on DEFRA figures.
Farmer grain selling has slowed and land work - nutrition applications, crop protection, and spring drilling - has taken priority.
The UK exit from the European Union was set to happen last Friday, 29th March but with no agreement and no end in sight, foreign exchange markets remain extremely volatile.
Grain consumers are dormant, as their own customers don't want to make major purchasing decisions with Brexit unresolved.
New crop growing conditions look healthy, with timely rains this week. November 2019 London wheat futures remain below £150/t