• The week has seen old crop London wheat decline by just under £10.00/mt whilst new crop prices have shed as much as £2.65. Given last week’s USDA report we express some degree of surprise and wonder why the price moves are not the other way around I.e. old crop declining less than new. There is now no old crop comparison with MATIF  as the May contract has expired leaving Nov ’13 as the “front” month.

• Talking points today and in the immediate future all appear to be weather related, US corn plantings “will they or won’t they” and the switch from corn to soybean acres. Only time will tell…..

• Informa Economics have today projected 2013 US corn plantings at 96.8 million acres, which is lower than the USDA’s 97.3; soybean acres were projected to reach 78.3 million compared with the USDA’s 77.1. The company also forecast average 2013 yields at 160.9 bu/acre for corn (USDA 158) and soybeans43.9 (USDA 44.4).

• To download the weekly summary as a PDF file please click on the link below:

Weekly Update 17 May 2013