Futures Close Report: 3rd October 2017

EU / UK wheat futures gained ground, owing to supportive charts, slightly weaker Euro / Sterling against the dollar.  However, upside limited by quantity and availability and thus competitiveness of black sea grain.

Egypt confirmed the purchase of 180k tonnes of Russian wheat – black sea origins still the most competitive on the global market.  Some weather concerns for next years cropping in the region are beginning to develop as dry conditions are forecast across Russia, Ukraine and Kazakhstan.

Little fresh news across UK – farms continue to plant as their primary focus  and levels of engagement with markets are low,  some stretch of premiums as deficit areas within the UK reach out to pull in supplies.