Increasing concerns over the 2024 Russian crop, and that going into the ground this season, has seen an upturn in grain prices with October now here.
The latest AHDB Grain Market Report shows UK feed wheat futures (Nov-24) at £190.15/t yesterday, an £8.00/t increase from September’s close. The May-25 contract stands at £204.85/t, a similar gain over the same period.
Earlier this week, Black Sea agency SovEcon downgraded its forecast for Russia’s wheat exports for the 2024/25 season by 0.5 Mt to 47.6 Mt, due to bad weather affecting the harvest.
The US wheat export campaign for the 2024/25 season (June-July) has maintained a strong pace, with export commitments reaching 11.2 Mt so far.
Despite the rapid pace of US wheat exports, the impact on global wheat prices has been minimal. This is due to the current lower price environment driven by strong competition from Black Sea exports.
Rapeseed prices dip
The Nov-24 Paris rapeseed futures currently stand at €477.25/t, the May-25 contract ended at €487.75/t. A slight fall on this time last week.
Global oilseed prices were generally pressured over the week. With beneficial rains forecast for northern Brazil’s soybean belt and potential delays on implementing anti-deforestation rules in Europe, it weighed on prices.
