David Sheppard, Gleadell’s managing director, comments on the wheat market

Markets have edged lower internationally and in the UK this week. There are no major global weather scares at present; conditions are either benign or crops are protected by enough snow to render the weather irrelevant.

UK prices are slightly lower for both old crop and new crop, as sterling has strengthened following solid UK GDP figures and a resolution to the High Court Brexit case. Old crop prices remain close to the season’s highs and at a hefty premium to new crop, meaning carry-over stocks should be vastly reduced from recent years.

If you believe the official figures, the UK should have a further 500,000t to export this season. Currently, we are much closer to importing significant volume in the north east than exporting any tonnage out of the south and east. In this scenario, adding further sales is worthy of serious consideration for farmer long-holders.