Early samples of milling wheat are showing good quality, with high specific weights and good proteins, according to Gleadell Agriculture.

“It is early days and too soon to make any big statements, but so far so good, and yields are not as bad as feared,” said managing director David Sheppard.

“There are some good premiums available for spot movement – given the good forecast and wheat coming to harvest very rapidly in some regions, these may not last long.”

Massive thunderstorms in America had broken the worrying spell of extremely hot weather, which would reduce concerns about corn yields, he added.

“The standoff continues for the EU market. Farmers are still unsure as to what they have to sell and consumers are waiting to see what is available. 

“However, it is worthwhile noting that EU wheat – at a hefty $35–40 (£21-£24/t) premium over Russian – does not look particularly cheap at the moment, and current prices are still good levels for farmers.”

Feed barley was trading at, or above, feed wheat due to interest from Saudi Arabia and Jordan, said Mr Sheppard.

“In the Black Sea, feed barley is quoted at $60 (£37/t) above Russian milling wheat – which is unprecedented and unsustainable.

“A brief historical analysis tells us that feed barley prices at or above feed wheat levels do not last long and may well be a selling opportunity for farmers with feed barley to sell.”

Rapeseed yields appeared to be good across the UK, said trading manager Jonathan Lane. “Yields from Northumberland to the south coast are certainly higher than trend and we could now even see a crop in excess of 2.5m tonnes.”

Farmers were selling very rapidly to satisfy strong nearby demand, but UK crushers and export buyers were now becoming sated, he said.
 
“The harvest market will come under pressure in order to force a carry back into the market. 

“Given the current yields these prices look fantastic and those who need to sell are advised to book something sooner rather than later.”