Many wheat crops in Ukraine and Russia are suffering drought stress at the moment.
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Futures markets differed slightly last week, with wheat still tending upwards, but maize is flat or lower. Maize futures weakened on the back of suggested improved growing conditions in the US. All prices fell initially, but further reports of reduced wheat production forecasts from the Black Sea helped wheat prices recover.
Wheat production forecasts suggest lower production in Russia and Ukraine. As major exporters, their numbers affect market sentiment. Wheat production is also likely to be lower in the US, EU, Australia and Canada, so milling wheat markets are stronger.
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It must be noted that with wheat prices tending up and maize tending lower, markets like ours will continue to be pressured by maize imports. This should be remembered, as current forward market offers may be selling opportunities.
Native prices are broadly similar on spot positions, but new-crop wheat is somewhat stronger at €190 to €192/t to the trade. There are some higher prices about which form part of specialist deals.
UK wheat prices were largely unchanged over the past week, with both delivered and ex-farm being largely similar. Ex-farm barley increased £4.10/t to £114.90 to more than restore the loss suffered in the price drop a week earlier. Ex-farm wheat was put at £159.70/t by the AHDB. The gap between wheat and barley might be described as massive in comparison to the situation here.
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Futures markets differed slightly last week, with wheat still tending upwards, but maize is flat or lower. Maize futures weakened on the back of suggested improved growing conditions in the US. All prices fell initially, but further reports of reduced wheat production forecasts from the Black Sea helped wheat prices recover.
Wheat production forecasts suggest lower production in Russia and Ukraine. As major exporters, their numbers affect market sentiment. Wheat production is also likely to be lower in the US, EU, Australia and Canada, so milling wheat markets are stronger.
It must be noted that with wheat prices tending up and maize tending lower, markets like ours will continue to be pressured by maize imports. This should be remembered, as current forward market offers may be selling opportunities.
Native prices are broadly similar on spot positions, but new-crop wheat is somewhat stronger at €190 to €192/t to the trade. There are some higher prices about which form part of specialist deals.
UK wheat prices were largely unchanged over the past week, with both delivered and ex-farm being largely similar. Ex-farm barley increased £4.10/t to £114.90 to more than restore the loss suffered in the price drop a week earlier. Ex-farm wheat was put at £159.70/t by the AHDB. The gap between wheat and barley might be described as massive in comparison to the situation here.
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