Grain markets continue to show signs of improvement, albeit at a slower pace than recent weeks. MATIF December wheat closed last week at €188.25, up from €186.50 a week earlier and it closed on Monday night at €188.50/t. Chicago December wheat ended the week at $202.18/t having been higher during the week.
This is happening despite a lack of drivers for the fundamentals. Yet again, we have seen SovEcon raise its estimate of production, this time to 82.6mt, up 1.4mt on the last estimate, according to the latest AHDB report.