EU Grains Mixed, Brexit Vote Looms

Posted by Nogger - a legend in his own mind at 08:44 | Categorized as

22/06/16 -- EU grains closed mostly lower, with Jul 16 London wheat closed unchanged at GBP106.00/tonne, Sep 16 Paris wheat was EUR1.00/tonne weaker at EUR161.50/tonne, Aug corn closed EUR1.75/tonne lower at EUR177.00/tonne and Aug 16 Paris rapeseed closed EUR0.75/tonne weaker at EUR359.00/tonne.

The market seems a bit more relaxed about the UK referendum tomorrow, and confidence is growing that the "stay" vote will prevail, preventing a drop in value of sterling and a commodity sell-off.

Algeria were reported as buying 500,000 MT of optional origin milling wheat in their tender, with Baltic supplies getting a mention as being some of the cheapest offered.

Jordan are back in the market for 100,000 MT each of milling wheat and feed barley.

The results of the UK referendum are expected "around breakfast time" Friday morning, according to the BBC.

According to the oddschecker website the bookies are lining up around 3/1 against a "Leave" vote being successful and around 1/4 for a "Remain" vote to win the day.

A "Remain" win could see further sterling appreciation which might harm London wheat prices further.