Plenty of International activity to note again this week with China buying US corn and Egypt topping up from Ukraine again, this time at sub £200 ex-farm equivalent. Liquidity problems emerged at several more banks worldwide driving stock markets lower and that sort of mood was bound to spread to commodities as well. Banks are evidently in a much stronger position than they were in 2008 but the problems might point to wider issues in the economic outlook this spring. Despite all this US exchanges had a positive week with enough buying activity and weather concerns to turn both corn and wheat upwards.

In contrast home markets look a little weighed down by the old crop surplus but with May now showing a £9 discount to November it will start to make sense to carry that surplus forward from now on and this should take the pressure off the market. The weather outlook at home is pretty good with double digit daily temperatures for the foreseeable and plenty of rain mixed in to keep things going. Renewed interest in new crop prices, particularly the attractive quality premiums available, is sure to follow.

Have a good week.