Grain prices have fallen further following improved forecasts for global supply prospects and US harvest progress, coupled with falling crude oil prices and hopes of Russia–Ukraine peace talks.
According to the AHDB, this outweighed support from continued disruption to Black Sea exports, pushing Nov-26 UK feed wheat futures to £189.00/t.
Despite the upcoming peace talks, strikes on Black Sea shipping and infrastructure continue; AHDB analysts say this needs to be a watchpoint for growers.
The US maize harvest was reported 74% complete by 2 November. With favourable weather last week, the next crop progress report is likely to show that harvest is nearing completion.
After errors in its September maize data, the USDA will use an artificial intelligence tool to check this report. Analysts expect a slight cut to the US maize production estimate, but the expected crop would still be the second-largest on record, and it is likely to limit any upside in the near term.
Oilseeds outlook
Rapeseed prices have also slipped back, with Nearby Brent crude falling back below $100.00/barrel. Further pressure came from reports of ample global oil supplies and ongoing OPEC+ policy uncertainty.
There is also the prospect of higher US soybean production, with the next USDA WASDE report likely to forecast an increase in productivity through improved yields. The report is out later this week and is another watchpoint the AHDB suggests.
