Wheat markets continue to drift, EU/ UK have good rains (maybe too much), Australia is saying they have good establishment so can satisfy Asian demand. US crops continue to improve. This does not mean that we are out of the woods yet and there are still a lot of questions over the Brazilian corn crop and Russian crops. World stocks are still low, China is still buying and inflation is lurking in the major G7 countries. These factors mean the market still has upside and consumers still need to buy.
The wheat crop will be delayed in the UK and this will make the as available market pretty active. Trade estimates for the UK wheat crop mean that we will back as a net exporter, although not a huge tonnage to export. This may well weigh on prices at harvest as stores could get filled quickly.
As ever nothing is guaranteed and these markets remain volatile, Russia and China can make statements that can change the outlook in an instant.