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Futures Close Report 22nd Jan 2019

Ukraine’s agriculture ministry has urged exporters to comply with export memorandum terms, as most of the agreed volume for the current season has already been exported.  Ukraine has exported around 11.4 million tonnes of wheat, including 6.6 million tonnes of milling wheat, so far this season. harvested a record 70.1 million tonnes of grain (wheat, maize & barley and others) last year, up from 61.3 million in 2017.  The government and traders last year agreed that no more than 16 million tonnes of wheat, including 8 million tonnes of milling wheat could be exported from Ukraine this season.

Markets keeping an eye on Brazil weather – concerns that dry and hot conditions could be causing yield damage to crops which are maturing fast.  Harvest progress ahead is ahead of last years pace so far.

UK domestic – trade remains quite slack with merchants reporting that farmers continue to have limited appetite to sell fresh stock into the markets.  Ports buyers particularly on the east coast are seeing export traffic at a sharper pace than pre-Christmas. Merchants still bidding to cover export sales made earlier in the season.