July 17 Update

This last month has seen the development of a classic pre-harvest weather market whereby November’17 futures hit contract highs of £154/t in the middle of July before rebounding down by £7-8/t. With the effect of a dry summer period in both America and Europe yet to be fully understood, markets are tending to follow trader sentiment and the weather forecast rather than any fundamental evidence of lower yields or quality. What effect the dry weather has truly had won’t properly be known for some time, what can be predicted, however, is that markets will continue to be very volatile until much further progress is made through spring wheat harvests on the Continent and in the US. Barley harvest

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