Grain prices have edged back with the fall in Brent Crude but are likely to rise as Middle tensions continue.
Nov-26 UK feed wheat futures have fallen slightly to £187.00/t but could rise as oil industry experts expect to see Brent Crude hit $106/barrel. US President Donald Trump has rejected a counter Iranian peace plan, describing it as “unacceptable”. Earlier, Iran had dismissed US proposals.
Iran is demanding that negotiations focus on ending hostilities and resolving the Strait of Hormuz stalemate. The US wants to include Iran’s uranium enrichment programme.
Prices fell back last week following rain in the US, France and Germany improved crop fortunes. However, in the US, there is still concern that the rain may have come too late or been too light for winter wheat crops in key areas.
Paris rapeseed also fell back, but again, analysts anticipate a bounce back. The Nov-26 contract stands at €518.00/t, gaining slightly on the close of last week.
