The support to grain and oilseed prices seen at the start of September has held as we move further into the month.
The latest AHDB Grain Market Report shows UK feed wheat futures (Nov-24) at £182.80/t, up close to £2.00/t from last week’s close. The May-25 contract also gained by the same amount, rising to £198.00/t
Global wheat markets were supported due to uncertainties with Black Sean grain supplies. Earlier in the week the Ukrainian Agrarian Council reported smaller wheat stocks (18.7 Mt) relative to previous seasons (>20 Mt) as well as recent uncertainty regarding the size of the Russian wheat crop. This follows a Reuters news report that some grains in Kursk won’t be harvested due to Ukraine’s military incursion.
Rapeseed prices also saw support. Both Paris rapeseed futures (Nov-24) and the May-25 contract rose slightly and stand at €465.75/t and €468.25/t respectively.
A key factor was Hurricane Francine disrupting US oil supply. In addition, Chicago soyabean futures (Nov-24) gained as traders revised their positions in advance of the forthcoming USDA World Agricultural Supply and Demand Estimates (WASDE).
