The international commentary might be a bit light today as the USA had a day off from telling the world what to do. The Europeans snuck into the control room and had a crack at ruling the roost though, no holidays there. Unfortunately there wasn’t much movement in anything though. London feed wheat finished the night up just 25p, Paris wheat was a little better on the nearby with a move of two Euros but outer months were flat to slightly firmer. Rapeseed futures were softer across the board, down one to half a Euro.

What is it with the USA this year. There was a blizzard through the hard red wheat belt a month before harvest and the prognosis was hardly and damage. Now we have Cotlook lifting US cotton production to 20mb, an 11 year high, after a hurricane pushed through a large swath of the cotton belt. Seriously the US market reports are starting to read like the Chinese ones of yesteryear, “thanks to government planning and support China will produce 48mt more wheat of half the area”, you remember the ones. The USDA, pre hurricane, had the US cotton crop pegged at 20.55mb, so maybe it’s indicating the USDA could lower their estimate in September. Most punters do think that cash markets will respond more than base grade futures given the potential downgrade in US quality.

More private estimates for the Russian wheat crop overnight, some now as high as 85mt, not far out from the 72mt May estimate -_-.