Ripe wheat© Tim Scrivener

Spot feed wheat prices jumped by £3.80/t in the week to Wednesday (3 August) to average £113.80/t ex-farm, buoyed by disappointing yields across Europe.

Nearby futures prices also reached their highest level in more than eight months after a consultancy firm slashed its French wheat crop estimate by 2m tonnes to 28.2m tonnes.

UK yields were also in question after winter barley and oilseed rape proved disappointing. However, global markets remained bearish due to favourable weather in the US and bumper crops around the Black Sea.

See also: Early wheat crops show promising yields and quality

Analyst FC Stone increased its forecast US maize and soya bean production to record levels of 384.7m tonnes and 110.3m tonnes, respectively.

Wheat production was also large, sending US futures to their lowest level in 10 years, with maize futures reaching contract lows and soya bean futures down 20% in just seven weeks.

In Russia, 13m hectares of cereals had been harvested compared with 11.8m hectares at the same time last year. Yields were averaging 3.79t/ha compared with 3.32t/ha last year.

UK rapeseed prices crept up by £1.40/t on the week, to average £281.10/t ex-farm for harvest movement, with higher palm oil prices offsetting weaker crude oil values. That was £38.60/t above the same time last year.