As we move through May, grain prices continue to build on the back of weather and crop condition concerns.
The latest AHDB Grain Market Report shows Nov-24 UK feed wheat futures gained further from last week’s close (17/05/24) to stand at £220.25/t
Weather concerns in major producing countries, including top supplier Russia, continue to influence wheat price direction globally. In its latest US crop progress report, the USDA dropped the country’s winter wheat good-excellent crop condition rating marginally by 1% relative to last week (LSEG).
However, the weather in Ukraine has improved and this could peg further price gains.
Paris rapeseed futures (Nov-24) also gained over the same period, climbing to €496.25t.
European rapeseed prices were supported by soyabean oil price rises. Concerns over crop losses in Brazil following recent heavy rains and flooding in southern regions of the country also lent support to the market.
LSEG also report expectations of a cut in Canada’s canola production estimate for 2024/25 due to spring acreage shifts to wheat on the back of poor growing conditions.
