Markets continued their volatile ride over last week, weather issues are the focus on corn and wheat. Overnight the US markets have seen a good rally, they are not back to their contract highs yet...Russia and the Ukraine are reporting good crops but have caused themselves issues with export taxes and traders are weary of the defaults they suffered over the last year. In addition shipping is expensive no matter what the cargo which will be having an impact on calculations.
In Europe crops look good, there were thunderstorms which damaged some wheat in France but very localised. Harvest in the UK will be delayed and this could make the July/ Aug As Av market interesting. The FAO reported the highest rise in food price inflation for the past 5years, this looks to remain until world crop supply issues settle down.