AHDB - UK Agriculture and Horticulture Development Board

05/26/2023 | News release | Distributed by Public on 05/26/2023 06:25

Understanding Defra’s UK total income from farming numbers: Grain market daily

  • UK feed wheat futures (Nov-23) closed yesterday at £187.55/t, gaining £2.60/t on Wednesday's close. The Nov-24 contract closed at £196.00/t, gaining £2.00/t over the same period.
  • Global wheat contracts were mixed yesterday, with some uncertainties surrounding the Black Sea Grain Initiative and fresh export demand, meeting favourable crop weather and ample Russian supply. It has been reported that dozens of ships are unable to reach Ukraine, with the pace of shipment unlikely to pick up due to slow inspections (Refinitiv).
  • Further to that, Russia signalled yesterday that if demands are not met to facilitate and improve their grain and fertiliser exports then the deal will not be extended beyond 17 July. Something to watch going forward.
  • Paris rapeseed futures (Nov-23) closed yesterday at €413.50/t, gaining €5.25/t on Wednesday's close. Despite pressure on Chicago soyabeans yesterday from weak US export sales, rapeseed prices gained with palm oil. Palm oil felt support from a weaker currency as well as concern rising that the El Niño weather pattern could potentially hit production next year.