by Robin Twizell

RMD Agriculture

OLD crop wheat has continued its decline as it looks as if it is heading to new crop levels. This is mainly because, on paper, we still have about m tonnes to export with very few buyers in the export market. New crop values have also drifted down, with good growing conditions around the world.

Oilseeds have seen the biggest fall over the last week as our markets respond to American markets, which are going down as fast as they went up. This again is due to excellent growing and planting conditions generating predictions of a record US crop of 80m tonne. Funds have also been taking profits and selling out of their long positions.

Thursday's prices

Grainfarmers, Thorp Arch. - Wheat: May £83; June £84; July £85. Barley: May £74; June £75; July £76. Oilseed rape: May £180; June £181; July £182.

GrainCo, Tyne Dock. - Wheat: May £81; June £84; July £85. Barley: May £73; June £74; July £75. Oilseed rape: May £185; June £186; July £155.