Currencies

Unsurprisingly with the announcement of the delayed ‘Freedom Date’ this week, the £ has lost some ground, but only slightly. On the flip side, the $ has strengthened after Biden reported that unemployment data in some parts of the US is back to pre pandemic levels, suggesting that their economy is beginning to grow and recover.

Wheat

US markets have had a fairly benign week this week, following the fairly non eventful USDA report last week which did increase those global carryout stocks slightly for wheat to 296.8 MlnT. The conditions across Europe and Russia continue to look ideal with Russia increasing their forecast by 1.5 MlnT this week.

Closer to home, we are starting to see some big one day swings on old crop of between £5-6 as the market tries to take stock of what exactly is left in the sheds. Currently the UK new crop estimates still stand at 15 MlnT but there are some reports now suggesting that if weather continues as it is, we could see a harvest closer to that key 16 MlnT figure. Interestingly with freight prices still at a record high, this does not help the grain markets as sellers will find a limited export market if base prices do not fall low enough to compensate for the higher freight prices.

Soya

Soya prices have seen little change week on week but there is renewed hope that a cooler weather front across the Midwest will encourage wetter weather in the forecast. All eyes will be on the USDA’s acreage report on 30th June though as any revisions upwards will likely push prices lower but any movement less than the current 87.6 MlnT, will certainly drive prices higher.

And Finally…
Digby the firefighters therapy dog saves suicidal woman from motorway bridge.

Diby who is a trained fire dog with Devon & Somerset Fire Service, attended a call with his crew on the M5 near Exeter. When he arrived the lady immediately engaged with him and smiled. The conversation was then moved into Digby and his role in the brigade.

The lady was then asked if she would like to meet Digby which she replied yes to and climbed back over the railings to give the cockapoo a cuddles.

Dogs are well known for their good intuition when it comes to human emotions and are used in various roles to support people with both physical and emotional needs.

Regards,
Kay Johnson & Martin Humphrey