Our weekly look at grain and rapeseed markets shows little change in market outcomes since the close of Friday, 11th November.
The latest AHDB Grain Market Report shows a slight fall over the last seven days. UK feed wheat futures (Nov-24) stand at £186.35/t, the May-25 contract is currently at £200.85/t.
Concerns over the Russian crop is still supporting markets. The Russian Agricultural agency at last caught up with independent commentators and downgraded its estimate of the 2024 crop to 83.0 Mt.
Concerns over the new crop eased, preventing any gains. After a dry spell, wetter weather is expected for Russia and despite rather downbeat production estimates for Argentina and the US, favourable weather is likely to revive crop prospects.
Nov-24 Paris rapeseed futures gained over the same period, currently at €492.00/t yesterday. The May-25 contract slipped slightly to €495.75/t.
European rapeseed prices were impacted by the increase in Winnipeg canola futures and Chicago soybean decreasing. The National Agricultural Statistics Service (NASS) showed the US soybean harvest at 67% complete as of Sunday 13th October, 16 percentage points ahead of the five-year average pace.
