US markets fall to 6 week lows before consolidating somewhat. Russian wheat availability/firmer dollar helps contribute to the weakness. Ensus announce intention to shut from the end of November due to ‘difficult market conditions’. London futures under pressure as a consequence. Russian Ag Ministry met with exporters on Friday to reiterate they do not wish to introduce export duties. 33-34mmt of wheat exports remain expected according to officials. Based on the current pace

Buy the rumour sell the fact this week as Russian export concerns circulated on Tuesday before being dispelled the next day, prompting markets to give back gains. Reports on Tuesday emerged from a Russian Ag Safety Group that up to 30 grain loading points in two of Russia’s main producing regions could be suspended. Trade suggestion that this was perhaps as a result of quality concerns. On Wednesday it was confirmed that no shipments would be stopped. Egypt’s GASC buys anothe

Markets trade sideways this week, with USDA data released on Friday perceived to be bearish corn, neutral wheat. USDA place Sep 1st US corn stocks at 54.4mmt, 3.3mmt above trade expectations. Sep 1st US wheat stocks placed at 64.8mmt, around 950tmt above trade forecasts. Size of US wheat crop changed very little however. US wheat closer to export competitiveness following the decline in CBOT and rise in Russian FOB values this week. US wheat exports running 30% down y/o/y to