Export demand leads grain prices up again

Wheat prices have continued to soar over the past week, with London wheat futures at £162.80/t for November on Tuesday (7 September).

Ongoing export demand and concerns over the US maize crop were behind the continued bullish run, said traders. Although Russia had apparently revoked any plans to import wheat, prime minister Vladimir Putin said he would extend the export ban until after next year’s harvest, potentially further boosting demand for UK wheat.

As Farmers Weekly went to press UK feed wheat was worth about £152/t ex-farm for September, with Group 1 milling wheat pegged at £183/t, depending on location. HGCA corn returns data showed that farmers were taking advantage of higher prices, selling 42% more feed wheat in August, for delivery before November, than last year.