Predictions of a heat wave across the lower west corn belt in the USA this weekend supported row crop values while winter and spring wheat futures were slightly lower they do appear to be consolidating around these values in the short term. With US spring wheat harvest a week or two off this market may now be looking for actual production data to make the next move.

Russian harvest is picking up with around 20mt of wheat now in the bin. This is behind last year’s pace due to a gentle spring which saw the crop reach its full potential in most regions. There has also been some good rain in the Ukraine relieving drought fears. Dry weather had pruned potential yields of summer crops across much of western Ukraine this summer.

In SE Europe the summer from hell is continuing to devastate crops around the Mediterranean. In Spain a failed winter crop has been followed by weeks of temperatures in the high 30s decimating dry land summer crop production there. Further east in Italy there is also talk of lower yields in durum wheat and the olive harvest is expected to be back up to 50% in some regions.
In India Kabuli chickpeas are trading at an equivalent price of around $1900 landed at the packer in NNSW, desi $965.