Russia’s floods and concern over prospects for the rest of the European wheat crop, alongside the continuing US heatwave combined to raise grain price yet again.
London’s November feed wheat futures price had jumped £5/t to £185.50/t by late afternoon on Monday (9 July), while old-crop wheat has sold for up to £215/t ex-farm in the past few days.
Oilseed rape has also continued to rise on the back of fears for pollination and pod set in the US soya bean crop. This has pushed OSR to between £380 and £385/t ex-farm for harvest, said United Oilseeds’ trader David Whyte.
While a good level of export business had been booked, rape could see some harvest pressure on the back of harvest dates being pushed closer together, he said.