There are useful premiums available for spot wheat depending on quality and location. Feed wheat prices ranged from £155 to £165/t ex farm mid morning on Friday 29 July, with full spec Group 1 samples were around £180 to 185/t ex farm for next week.
Wheat is worth more in the north than in the south but with more becoming available daily, prices are changing by the minute and premiums may not last, warned Gleadell’s managing director David Sheppard.
“The first samples of UK wheat appear to show good quality – high specific weights, good proteins and yields not as bad as feared. However, it is early days and too soon to make any big statements, but so far so good,” he said.
“Farmers need to let us know if they have wheat cut so that we can get it tested and establish the quality.”
The EU market generally was in a stand-off, with growers still unsure what they have to sell and buyers waiting for more information on crop size and quality. However, EU prices are uncompetitive against aggressively priced Russian grain.
Interest from Saudi Arabia and Jordan has pushed feed barley to feed wheat price levels and above in some cases, giving another selling opportunity for growers. Past experience showed that such strength relative to wheat tended to be short lived, said Gleadell in its market report this week.
Good demand for nearby delivery months has seen a lot of oilseed rape sold recently, almost filling July/August requirements at prices which leave little premium to carry forward for November. Harvest pressure could push a more normal carry back into the market, said trading manager Jonathan Lane.
Late morning trading on Friday (29 July) saw oilseed rape at £362 to £369/t ex farm for August.