Nov-25 wheat futures have slipped close to the contract low of earlier in the month.

The current AHDB Grain Market Report shows the contract just below £180/t. Traders have become a little concerned over crop conditions following some recent updates.

After revising US wheat conditions up, the USDA did a U-turn and downgraded crop prospects, taking markets by surprise. Its mid-May report listed 52% of the crop as good or excellent, down two percentage points from earlier in the month.

The same thing has happened elsewhere. Towards the end of last month, FranceAgriMer also lowered crop quality expectations following dry, warm weather. With dry weather forecast, it is possible Russian agency SovEcon could follow the USDA and revise figures down.

“The question is whether favourable weather will arrive in time to help crops compensate for the conditions to date. Harvest is under way in some US regions and southern Europe. Until more is known, traders will remain twitchy,” says AHDB senior analyst Helen Plant.

Nov-25 Paris rapeseed futures slipped slightly over the week to €485.25/t. Paris rapeseed futures followed the global oilseed market down, with prices now trading below the strong support level of €490/t. Winnipeg canola and Chicago soyabean futures (Nov-25) also fell.