Maize hit 13-month, wheat 15-month and soyabeans four-year highs over the past week as US and CIS crop prospects continued to deteriorate amid hot dry weather 一 while Europe worried about rain/quality risks spoiling recently promising export prospects. Grains and oilseeds were in the grip of a foil blown 'weather market' over the past week as traders tried to count the impact of sliding US crop ratings and extremely disappointing early harvest results from Russia and the Ukraine. The bullish mood drew extra thrust from a 'risk-on' turn on the 'macro-economic' markets, inviting investors to put some cash back into commodities. In just three days, the widely followed Thomson-Reuters-Jeffries CRB commodity index leapt an impressive 7.7%, its third biggest three-day gain on record.
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