UK feed wheat prices remained stable in the week to 14 June, gaining just 30p/t on the previous week to £139.60/t ex-farm for spot delivery.
In terms of new-crop, prices varied from £138-£141/t ex-farm for harvest, depending on region.
Breadmaking premiums were at £10/t, reflecting the element of risk of the milling wheat quality not coming in, said traders.
See also: More prices and trends
In global markets, US spring wheat conditions are rated the lowest they have been at this point in the season since 1988 – with only 45% of the crop rated good to excellent, according to the latest crop progress report by the US Department of Agriculture.
In addition, data released since the report has shown a 10% reduction in the proportion rated good to excellent week on week – a much steeper drop than industry expectations, says the AHDB.
The downgrades followed increased dryness in the high plains, where a large amount of the US spring wheat crop is grown.
Weather reports show this dryness could continue.
With the weather putting upwards pressure on US prices, the UK Liffe feed wheat futures market settled at a one-month high of £142.15/t for November 2017 on Tuesday – despite a sharp rebound in sterling – according to analyst CRM AgriCommodities.