Wheat prices have finally levelled after tight global supplies and poor yields across Europe had pushed prices up.

Milling premiums have settled at about £9-10/t over feed for solstice, £11-13 for Malacca and £15-18 for Hereward.

September ex-farm feed wheat prices have reached £79/t, while October prices are £80.50/t and November prices are £81.50/t.

“We have seen the market run out of steam,” Grainfarmers head of milling wheat Simon Ingle said. “It needs to find a level where buyers will come back in.”