Last week brought some interesting forecasts from the International Grains Council who put next season's global wheat output at 707 million tonnes, an all-time record if achieved. They also raised their maize production forecast to 959 million tonnes. So far weather is conspiring to bring about the conditions that support such harvests with no threats seen in any of the major producers as yet. Egypt last week changed its specifications for imported wheat from a moisture content of 13.5% to 13%. This effectively rules out French business into the world's biggest importer. In any event, EU sourced wheat has been losing out of late to US and Canadian wheat which has become much more competitive. Last week Spain bought a cargo of US origin. LIFFE front month wheat last week lost £2.45/tonne to drop below £150/tonne (€181) for the first time (for a front month contract) since May 2011. New crop LIFFE is at £142.75 (€173). MATIF wheat was unchanged, largely due to the continued weakening of the Euro. Soya beans/meal didn't move much on the week but soya oil is down at its lowest level since 2010 as the world continues to be over supplied with vegetable oils. Brazil shipped its first 2014-harvested cargo of beans out of Paranagua port and harvest is 10% complete in Mato Grasso, the biggest soya bean producing state. It's still not clear what Argentine farmers will do with their beans but selling them at current exchange rates is one thing they are not keen to do. Crushing plants are idle owing to the lack of supply. A US private forecaster last week put out a prediction that US farmers would increase soya bean acreage by 6.7%. Their price target for October is €50/tonne below today's value.