Grain prices have slipped back as November comes to a close.
The latest AHDB Grain Market Report shows slight falls in UK feed wheat futures (May-25) and the Nov-25 contract, standing at £189.30/t and £188.55/t.
Several factors are at play. The euro has strengthened against the US dollar and weather conditions for the new crop have improved in many major exporting countries and despite the escalation of the Ukraine conflict Black Sea exports continue apace.
This season-to-date (July-November), Russian wheat exports have exceeded 24 Mt, while Ukraine’s wheat exports reached 8.7 Mt over the same period. These figures represent year-on-year increases of 6% for Russia and a significant 58% for Ukraine.
Oilseeds lose more ground
Both oilseed contracts fell sharply from the close of last Friday, 22nd November. The May-25 Paris rapeseed futures contract stands at €489.75/t, Nov-25 futures fell to €461.00/t.
Trump’s tariff plan and the strength of the euro the primary factors.
