Firm but less volatile grain markets

Grain markets have been firm but less volatile this week, with November feed wheat futures at £203.50/t as Farmers Weekly went to press on Wednesday.

Midweek saw spot feed wheat values at £193-201/t ex-farm depending on region, while feed barley was at £174-177/t ex-farm. Top-spec milling wheat premiums are at about £20/t.

The situation was still very fluid, with quality variable and generally poor, said Gleadell’s David Sheppard. Above 74kg/hl or preferably 76kg or 77kg there may be a premium. However, there was no improvement in demand for sub-68kg UK wheat, although this would find a home at some stage.

Russian wheat exports are moving relatively quickly from a crop that is expected to be limited to 38m tonnes, the lowest for nine years. While Russia is unlikely to impose an export ban, there is a growing expectation that exports could be taxed to limit the flow of grain from the country. Soya bean prices reached record highs on Tuesday (4 September) in response to tight supply.

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