Global prices continue to be supported by increased levels of demand, though moves in currency markets limited some gains. Wheat markets see sentiment driven support from a proposed Russian grain export limit and an anticipated small US spring wheat area.
Anecdotal reports suggest that retail demand has started to lessen this week following the nationwide “lockdown” since Monday night. This has been suggested to be due to a reduction in panic buying as supermarkets introduce limits on purchasing.
The value of sterling has continued to rally since my last GMD (Wednesday). At yesterday’s close £1=$1.220 and £1=€1.106. Sterling has continued to gain strength today. Dollar weakness is likely a key driver of the recent strength, with US data released yesterday showing a record number of citizens claiming for unemployment support.
Waterlogged swards need a kick-start this season. Grazing managers who rely on their usual fertiliser rates could see disappointing growth rates. Paddocks that were flooded, or severely waterlogged, over winter need rejuvenation, followed by higher nitrogen and sulphur applications.
Farmers who took part in the AHDB Beef and Lamb-funded project, Beef from Grass, have seen fantastic results through implementing rotational grazing into their systems, with some trialling outwintering.