The latest AHDB grain market report shows UK wheat prices are still feeling the pressure of Black Sea exports, despite Russian missile attacks on the port of Odesa.
The strikes don’t appear to have dented the confidence of traders in continued Black Sea grain supply. There has been a steady stream of Black Sea grain all year with the port of Constanta shipping a record of 29.4 Mt of grain between Jan to Oct 2023, according to the LSEG port authority.
UK feed wheat futures (May-24) closed on Thursday at £196.30/t, down £3.75/t from the previous week. Nov-24 futures also slid over the same period to £206.25/t, a drop of £2.50. Paris wheat futures dipped despite some rises in Chicago wheat futures, ahead of the US market closure for Thanksgiving.
Paris rapeseed futures (May-24) also eased over the same period, closing at €445/t. Pressure was felt on Chicago soyabean futures earlier in the week, though rapeseed futures did see some support from Malaysian palm oil futures and a weaker euro.
Despite weather issues, Brazil’s soyabean crop is still forecast to reach a record 161.6 Mt, according to consultancy Agroconsult yesterday.