A return to cool wet weather forecast for this week is probably welcome in many quarters for late drilled spring crops. We had another positive week as the market continues the climb out of its Feb-March trough and it looks likely we are going to re-establish the stable levels that existed last autumn for base price grains. Fridays USDA re-asserted that the coming season will be comfortably supplied – for the rally to justify pushing beyond current levels it will need one of the crop scares to develop into something more substantial. Winter kill in Russia, - there’s definitely been some but how much ? - is probably the best candidate for that. The rally may slow down now but we will stay supported all the time this remains an unknown.  

Wheat has opened up a hefty premium over corn now, we ‘ve been here before but not necessarily at a time when the UK is a substantial nett importer of wheat overall. This has implications for the behaviour of our domestic market particularly – come along to the breakfast meetings in June to hear more about this crucial topic. 

Old crop wheat is supported only by association to the new,  there’s very clearly a lot of feed wheat hanging around that won’t find a home now – we have cracking markets for low grade milling which some of the supposed feed grains might suit, check your sample results from last harvest to see if it’s worth a call on that one.  

Have a good week.