Just when you think the world wheat crop is big it gets bigger. In the July IGC report they have increased world wheat production 6mt  to 735mt the same as the record crop of 2015. What ever happen to the saying “bad prices fix bad prices”. I’ll pen a new one, “with subsidies and manipulated currencies there are no bad prices”.
A big US corn crop is also expected to see global corn production within 1mt of the record. With increased competition from wheat in the feed sector thanks to lower than average quality in France and parts of the USA corn will struggle to find homes and ending stocks for feed grains are expected to rise.

The quality of the Russian crop is thus far a little like that of the USA, below average thanks to a soft season. Yields are good, in fact good enough that one analyst pegged the Russian wheat crop at 69mt earlier in the week, that’s a new record. Bids for 13.5% protein milling wheat has increased there though. The spring wheat tour in the US is starting to suggest that generally milling wheat yields may come in a little under average. These two factors may indicate that higher spreads to our APH grade maybe in order.

The NCDEX chickpea “futures” contract for Oct, if you can call it that was back $100/t overnight. Roughly now worth $1400 packer.