Little fresh news to add this morning – all the main drivers remain the same. Soybean production in Arg and the debate on how reduced the final crop would be – Cargil now quoting this to be between 39mt and 43mt. For the wheat side of things, US weather is the concern as dry conditions continue.
From the UK standpoint, land is currently very wet which is preventing advancement of spring planting, more importantly fertiliser application is also being delayed. Looking forward to new crop these nearby problems are being reflected in suppliers price views. At this stage there is time for things to dry out but risk to advancing premiums remains high if things do not improve.