Although delivered wheat prices gained about 1/t early last week, prices remain similar to those pre Christmas.
Prices saw support early last week as Sterling weakened against the Euro. However, the Pound gained strength mid-week to keep a lid on further cereal price gains.
Cereal prices continued to receive support from vessels loading at UK ports last week. Traders also noted that sourcing appropriate supplies to meet this demand is proving to be difficult.
UK grain trading was slow in the first week of the New Year with many operators remaining absent from markets. Thus, volumes traded remained limited with some interest materialising for spot positions.
Prices on export markets changed little from their pre-Christmas holiday values, with currency still the dominant influence.