Despite the political turmoil after US President Donald Trump branded Ukrainian President Zelenskyy an ‘unelected dictator’, it has been a quiet week for markets.
The latest AHDB Grain Market Report shows UK feed wheat futures (May-25) fell slightly over the week, currently standing at £186.20/t, new crop futures (Nov-25) gained slightly to £197.50/t.
The discount of old crop UK feed futures (May-25) under new crop (Nov-25) is currently £11.30/t.
The weather has exerted opposing pressures over the week resulting in a more neutral outlook. Cold weather in the US and Russia could impact crops, and the rain has arrived too late in South America to help crops recover. According to a report from the Buenos Aires Grain Exchange, in mid-February 33% of Argentina’s maize crop was rated as poor/very poor, as a result the USDA has lowered Argentina’s 2024/25 maize production forecast down by 1.0 Mt. to 50.0 Mt
May-25 Paris rapeseed futures gained over the same period, standing at €529.25.00/t, the Nov-25 contract also rising to €504.00/t. Although support was found through possible weather impacts, no further news on US tariffs also helped.
