Stronger pound sees grain prices slump

Grain markets have plummeted over the past fortnight, with welcome rain and the stronger pound putting pressure on all commodities.

London wheat futures dropped by £12/t for July and almost £15/t for November in the two weeks to Tuesday (17 June), leaving ex-farm prices at about £99/t for spot movement.

Oilseed rape has also crashed, falling by about £22/t in the past week alone, to about £247/t ex-farm for June.

Traders said fund selling in the USA had contributed to the weakening markets, but added that little grain was actually trading.