Weather news and concern over the tightening of old crop grain supplies pushed up grain prices by between £4 and £6.50/t on Monday (24 June), with the July 2012 London futures market feed wheat contract closing at £188/t.
New crop (November 2012) had gained £6.45/t by late afternoon to sit at £168/t.
Concerns about US maize and soya crops dominate, while some areas of Russia and the Ukraine are short of water and suffering very high temperatures, leading to reductions in their likely grain export availability.
In contrast, Canada’s prairie crops have cool wet summer and high disease risks, according to analysts Martell.
Here in the UK as likely harvest start dates move further forward, old crop supplies are tightening further.