The World Bank say that the Pakistani floods may have damaged up to USD1 billion worth of food in storage, including wheat, cotton and sugar.

SovEcon have today dropped their Russian grain production estimate to 59.5-63.5 MMT.

Russian flour prices have reputedly shot up from 6,000 rubles/tonne in early June to 10,500/tonne now. The government are cracking the whip over what they describe as "dishonest market participants" profiteering from rising bread prices.

Around 6 million hectares of previously anticipated Russian winter grain plantings are now expected to be sown in the spring instead.

Jordan has issued it's second 100,000 MT wheat tender in a week. It bought a similar quantity of German wheat last week.

China are only auctioning off around 400,000 MT of corn in their usual weekly sale this week, instead of the normal quantity of around 1 MMT. Some are saying that this is a sign of domestic reserves running short.

As the harvest winds down Ukraine have produced 17.65 MMT of wheat, 9.18 MMT of barley and 1.39 MMT of rapeseed. Up next are corn and sunflowers, and neither crop is looking too clever as the weather continues hot and dry.