On Tuesday last week, US markets – which had led the recent sell-off – found themselves below the level they were at before the war started. Perhaps that was the trigger for a rebound, which when it came was violent, letting LIFFE on Friday see the biggest one-day move yet (+£17) in this extraordinary year. We should not assume this is a ticket back to the highs of May. Significant old crop balances hanging around in the UK are a sign of demand destruction in some sectors, but as we hinted last week, the market has been ignoring some pretty bullish factors for a few weeks now. 

This week will be turbulent, in amongst it all should be some stronger bids for early movement feed barley. Opportunities to move this crop in July and early August are all open, as with all things this year, expect those slots to fill up quickly, particularly for July, as the week goes on. The French harvest is improving in quality as it moves further north, but it’s not going to break any records. If the trend holds for quality generally to improve as we move further up the map, the UK crop should be a good one. The door is wide open; we just need the crop to go with it. Looking at the weather forecast, we won’t have to wait long to find out. 

Have a good week.