New crop wheat prices firm on weaker pound

New crop feed wheat prices have firmed slightly and are at a discount of £9/t to £20/t compared with old crop, depending on region

This put new crop at £127/t-£134/t ex-farm on Friday (26 May), with the highest price in the North West.

The old crop spot price lost just 30p or so to average £141.8/t in the week to Friday, and prices were in a range from £137/t-£147/t ex-farm.

See also: UK must find niche in competitive global crop markets

“UK new crop prices are slightly firmer on the week, supported by a weaker pound,” said Gleadell Agriculture managing director David Sheppard.

“Renewed strength in the euro following the French elections and a move in the opinion polls cutting the UK government’s lead has seen sterling retrace from the recent highs.

“The old crop market has started to show signs of easing as a sharp fall in July futures, along with an increase of late season sellers (mainly based on imported wheat), has dragged physical levels lower.”

Spot feed barley prices averaged £119.6/t ex farm and ranged from £112/t-125/t on Friday.

For new crop fed barley, merchants were offering between £102/t in Norfolk and £112/t in the North West.

New crop oilseed rape was worth an average of £296/t ex-farm with bids ranging from £290/t to £300/t.


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