Grain markets remain quiet awaiting further information about weather patterns in both North and South America, which could be damaging to maize and soya crops.
In the week to Wednesday (30 January), spot feed wheat values remained relatively unchanged, at about £208/t ex-farm, with group one milling wheat weakening to £230/t. “Weather conditions in Argentina are still under the spotlight, with very high temperatures supporting the corn market,” said a report by analyst Agritel. “In the USA, only 20% of wheat is rated good to excellent against 24% in December: spring rains will be absolutely necessary.”
The weak pound was also helping to support domestic values, with oilseed rape markets up by about £5/t on the week, to £381/t ex-farm. “Domestic and European crushers have been keen to buy seed for February and March, while crush margins remain attractive for these positions,” said Jonathan Lane, trading manager at Gleadell Agriculture. “In South America, there remains the odd rumour of less than perfect weather in one or two areas but, with a large crop on the horizon, the overall picture for the soy complex remains mixed.”
Potato markets reversed last week’s jump, with the Potato Council’s weekly average price losing £17/t to settle at £229/t.