US grain futures were under pressure from technical trade ahead of tonight’s USDA acreage report and first notice day in July futures.
The US weather map doesn’t look too bad either with some rain across the corn belt prior to temperatures warming over the next week or ten days.

The word this year is quality. It’s a shame this is usually out of your control. In France there is much speculation that barley, wheat and now durum will once again be low quality in 2016. The malt / feed spread has already started to blow out.

The Russian harvest is off to a good start with 2mt in the bin thus far. Yields are solid and are about 10% better than last year. The analyst are already calling 2016-17 Russian exports bigger than last year at a record 36.7mt, wheat will make up about 26mt of that.

Tunisia picked up 109kt of optional origin durum overnight, the lowest offer was US$269.21 C&F. This would make a mid grade new season durum bang on where current domestic bids are lying.