Currency
£/$ 1.3060
£/€ 1.1059

The dollar has managed to claw back some ground this week with better than expected employment data reducing the need for an emergency fiscal deal to be pushed through. There has been little change week on week against the euro with no real new drivers however, the UK jobs report due out on Friday may offer some direction.

Wheat
Spot £169
Nov 20 £171

UK wheat prices started the week a little weaker on the back of Canadian crop news, but then lifted for the rest of the week. Canada are reporting their wheat crop will be 38.9 MlnT which is 5 MlnT above where USDA figures had been hovering. Russia also announced this week that their crop is expected to be around the 80 MlnT mark. On the flip side, Europe this week further downgraded their wheat crop estimates however, Matiff still moved lower on the overall global stocks picture. UK prices have followed this global trend lower this week with harvest pressure now also helping to erode those spot premiums however, farm sales do remain very slow for this time of year as the attitude to wait until it is in the barn before making too many forward sales continues.

Soya
Spot £307
Nov 20 £309

Soya, like wheat initially moved lower at the start of the week with the US crop story gaining momentum, but then rebounded to the weekend.. Anticipated yields continue to rise above USDA estimates and at current estimates, the closing 20/21 end stocks would be around 75 Mln Bush. Crop ratings have been improved for the 4th week in a row, with 74% now at good/excellent, compared with 52% last year. Total Brazilian commitment is now around 75 MlnT which is 95% of a normal year but this current demand will easily switch over to US beans when available.

And Finally…
Glasses belonging to Ghandi arrive at an auction house in Bristol with the owner having no idea of their true value.

The owner of the famous glasses posted them through the letterbox with his contact details expecting them to reach £50 at auction but was shocked to be told the expected sales price would be between £10,000-£15,000 or even more. Items belonging to the lawyer and peace activist have reached as much as £45,00 in previous auctions.

Ghandi was known to give away personal items to people who had helped him. The glasses belonged to the seller's uncle, who worked in South Africa around the same time Gandhi was there - between 1910 and 1930.  The glasses had been handed down through the family.

The auction is due to take place on 21st August.

Regards,

Kay Johnson & Martin Humphrey