AHDB - UK Agriculture and Horticulture Development Board

05/15/2024 | News release | Distributed by Public on 05/15/2024 08:33

UK wheat imports continue at strong pace: Grain market daily

  • UK feed wheat futures (Nov-24) closed at £218.00/t yesterday, down £7.00/t from Monday's close.
  • More favourable weather forecasted in Russia has reduced concerns regarding crop production losses. In southern Russia, where there had been abnormal dryness, rains are forecast in the upcoming week. Also, in central Russia, where the wheat crop had been under pressure from frost, warmer temperatures have been forecast. Furthermore, US wheat crop condition scores remain at a four-year high, also weighing on global wheat markets.
  • Paris rapeseed futures (Nov-24) closed at €485.00/t yesterday, down €7.00/t from Monday's close.
  • Last Friday, there had been speculation that imports of used cooking oil from China into the US could become subject to increased tariffs. Upon release of the tariff increases yesterday, the list did not include Chinese used cooking oil, which weighed on the vegetable oils complex. Furthermore, Conab increased the Brazilian soyabean production estimate yesterday by 1.16 Mt to 147.7 Mt which added further pressure.