Markets continue losing ground , transfixed by the good progress of the US wheat harvest which will be confirmed in Mondays USDA progress report later today. It remains to be seen if the rest of the northern hemisphere harvest will fair as well. Russia has also been selling old crop wheat reserves in readiness for their own harvest campaign and there simply is not enough demand in the market just now to absorb such activity.

French winter barley is nearing completion with quality concerns and 20% down on long term average yields. In contrast, first UK winter samples in the south are ok so we may have a quality advantage this year to trade on. Expect a bumpy ride now as more areas start their harvest reporting season.

Have a good week.