Grain markets have firmed slightly over the past week, with storms in France affecting maize and cereal crops and the weaker pound aiding domestic prices.
Spot feed wheat yesterday was averaging just under £107/t ex-farm, with new crop pegged at about £108/t, depending on location.
Group 1 milling wheat was averaging about £125/t for both spot and harvest movement, with feed barley at about £99/t spot and £96/t for harvest.
However, old crop oilseed rape values were slightly weaker on the week while new crop prices improved, pegging both at about £275/t ex-farm.
“Bullish sentiment towards soya bean supplies was once again the focus for oilseeds markets, with continuing weather worries, strong demand and fund buying activity,” said a report by AHDB Cereals and Oilseeds.
“Combined with sterling weakening against the euro, this sentiment boosted UK new crop delivered rapeseed prices (November, Erith) to £297/t on Friday [10 June], some £32/t above the values recorded for Nov-15 delivery a year ago.”
The latest supply and demand forecasts from the USDA echoed these bullish sentiments, with a 2m-tonne downgrade in the 2015-16 Brazilian soya bean crop, along with stronger US crush demand resulting in cuts to global 2015-16 and 2016-17 end-season stock forecasts.