AHDB - UK Agriculture and Horticulture Development Board

05/24/2023 | News release | Distributed by Public on 05/24/2023 07:50

Why does my rapeseed price keep dropping? Grain market daily

Market commentary

  • UK feed wheat futures (Nov-23) closed yesterday at £188.10/t, up £0.60/t from Monday's close. The Nov-24 contract closed at £196.40/t, up £1.35/t over the same period.
  • The domestic market followed both the Chicago and Paris wheat markets up yesterday. Markets gained on concerns that Ukrainian exports were being restricted, despite the renewal of the Black Sea Grain Initiative last week. There were reports that the Ukrainian port of Pivdennyi have halted operations because Russia is not allowing ships to enter, effectively cutting it out of the deal, which allows safe passage out of the Black Sea (Refinitiv).
  • Paris rapeseed futures (Nov-23) closed yesterday at €403.75/t, marginally up (€1.00/t) from Monday's close. There was pressure on Chicago soyabean prices from the progression of US soyabean plantings - read more on this below and how it could influence rapeseed prices going forward.