Home markets are seeing renewed pressure on old crop wheat prices, for all the reasons we’ve discussed in recent weeks. For the moment it’s hard to see what drives this end of the market back up frankly, and with half term holiday makers returning to the market  this week we may see renewed pressure. Milling premiums are obviously lower now than the early part of the season but they are all still available and unless you are willing to run this material into new crop it’s probably time to sort it out – particularly the lower protein markets which will be the first ones to dry up.

Currently the US weather forecast for March is extremely favourable for corn establishment with warmth and moisture all present. So recent highs in that market may be difficult to maintain over the next few weeks.  On a brighter note , new crop malting barley continues to show some strength, there is no obvious reason why, other than perhaps farmers all across Europe are a bit switched off on that crop at least until they’ve planted it. Also many would like to clear last lots of old crop before worrying too much about the next lot, which is fair enough. Still no sign of the late season malting demand which must come eventually, patience may yet be rewarded.

 Have a good week.