Futures Close Report: 10th November 2017

India has doubled its import tax on wheat to 20%, as the world’s second biggest producer tries to reduce imports in order to support local prices.  The move is a significant blow for Ukraine, India’s largest supplier. This adds pressure on Ukraine in order to find an alternate market.  Thus helping keep a lid on the price structure particularly Russia / EU the nearest exporting markets.

UK domestic markets remain quiet.  Farmer engagement levels are somewhat limited and low volumes of trade reported.