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

The market is stuck in a tight trading range with little new impetus to move it significantly one way or the other. The contrasting influences of large crops in most parts of the world compared with smaller ones in France, the UK and Germany have induced inertia, with little sign of news to move prices sharply in either direction.

Currency remains of more interest at present, with sterling consolidating against the dollar and euro. The reported problems at Deutsche Bank may bring some pressure on the latter and, chart-wise, it looks as if sterling has some support at current levels. Any rally back towards pre-referendum levels would obviously pressure UK prices.

Spot UK prices are attractive given that market shorts are having to pay up to cover requirements, and these still represent good value in a market that lacks any real direction.