JUST when we thought markets were beginning to settle down, in steps Defra and reassesses the crop size. It reduced wheat production by about 0.5m tonnes, which meant our wheat market went up £5 a tonne on Monday. Since then, the markets have lost £2 as American markets have eased a bit. Supply and demand are going to remain tight, so markets will be prone to significant movements on rumours as well as facts.

Oilseed prices have remained more or less unchanged, although soya markets are looking a bit stronger now that China and the US are friends again after the steel and textiles row.

Thursday's prices

Dalgety Arable, Thorp Arch. - Wheat: Dec £114; Jan £115; Feb £116. Barley: Dec £95; Jan £96; Feb £97. Oilseed rape: Dec £178; Jan £179; Feb £180.

GrainCo, Tyne Dock.- Wheat: Dec £112; Jan £115; Feb £116. Barley: Dec £95; Jan £96; Feb £97. Oilseed rape: Dec £178; Jan £179; Feb £180.