Grain markets have slumped again amid thin old crop trade and a continued good outlook for the global 2015 harvest.
May wheat futures lost £3/t in the week to Tuesday, to the equivalent of about £105/t ex-farm, with November futures down by £2.55/t, putting ex-farm trade at about £114/t.
Barley and pulses also followed the market lower, with oilseed rape the only commodity remaining steady at about £255/t for spot movement.
According to the EU Commission’s latest crop report, weather conditions across much of Europe had been favourable for winter crop growth and spring sowings.
With the yield outlook potentially above the long-term average, 2015 was set to be another year of strong production – albeit slightly below last year’s bumper levels.
In the UK, crops were also in good condition, with wheat development in line with recent years, said the latest Adas report.
Although there were some worries about the impact of the dry April, recent rainfall would have alleviated such concerns.
About 90% of spring wheat and 95% of spring barley had been sown by the end of April.
Weed and disease pressure remained relatively low, although nitrogen uptake had been limited by the dry weather, it added.