Markets were under pressure early last week but eventually shrugged this off to end higher with Fridays close on Nov LIFFE being the first weekend close above £200 for some time.

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We had a flat sideways week in the end after LIFFE tried a couple of times to break up through £200 but lacked the buying interest to keep it there.

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Markets remain very quiet but still tending to drift lower as buyers wait on the sidelines

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A promising start to the US wheat harvest has brought some downside pressure into the market –  Chicago led the sell off and dragged everyone else along for the ride- stopping the two month rally in its tracks.

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rench markets continue firm as their latest crop reports downgrade wheat ratings further, but UK has not followed suit this week ending slightly lower

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As we said in our last briefing, the upside rally may be ready to take a breather and sure enough, two weeks down the track - despite daily volatility - we are pretty much sideways

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A return to cool wet weather forecast for this week is probably welcome in many quarters for late drilled spring crops.

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Markets looked drifty for most of the week but another strong Friday performance brought us back into slightly positive territory again.

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Markets had a positive week , the first time we’ve been able to say that in a while, as buyers finally saw value in the lower prices for old and new crop.

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Crop forecasters were out in force last week, the USDA outlook conference in Washington DC posted the first US crop guess for next year

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A modest rally on Friday can’t disguise the fact that wheat had another tough week, extending the recent lows on old crop where the carry to new is approaching £20/MT

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