FEED WHEAT prices dropped £7/t in the week to Fri, May 12, as farmers attempted to sell remaining old crop stocks on to a market where buyers were already amply supplied.

Ex-farm wheat prices slid from £93/t to about £86/t in one week, with milling wheat commanding no premium at all in some regions.

New crop values also slipped, by up to £3/t, to about £67/t ex-farm as recent rainfall prompted more optimistic yield forecasts across the EU.

Gerald Mason, of the Home Grown Cereals Authority, said: “We always knew the end of the season would be volatile.

“There has been no clear definition of surplus or excess in the market, and with sales over Europe picking up, more people have been selling than buying.”

Glencore Grain‘s James Maw said: “Nobody wants to be holding on to old-crop wheat, with a price differential of about £25/t compared with new crop.”