Grain prices have slipped as market fundamentals have been pushed into the background. That is the view of AHDB analysts as Nov-26 UK feed wheat futures fell to £203.50/t.
The market was focussed on the possibility that Russia could rapidly restart much of its Black Sea and Sea of Azov terminal capacity if a ceasefire were reached.
Talks involving Ukraine, Turkey, India, Egypt and other Middle Eastern countries are seeking to restore shipping. Meanwhile, Turkey has submitted proposals to Moscow on maritime security.
Dec-26 Paris and Chicago wheat futures also fell, despite no substantive progress in diplomatic efforts.
Outside the geopolitical front, French maize crop ratings stabilised last week but still only 23% of crops were rated good or excellent.,
Further afield, the latest USDA Crop Progress report showed the US maize harvest at 13% complete, up slightly ahead of the five-year average. However, AHDB senior analyst Helen Plant says rains are forecast over the US Midwest, which could slow harvest progress.
Oilseeds outlook
After a turbulent week, Paris Nov 26 oilseed futures have also slipped, currently sitting at €537.25/t.
Again, according to the AHDB analysts, the market has been overly focused on geopolitical factors. The outcome of talks between US President Donald Trump and Chinese President Xi Jinping remains unclear following conflicting statements from both sides.
The trade truce extension included lifting tariffs on some US agricultural commodities, but not soya. Some political commentators pointed to the lack of a joint statement as proof that tensions remain.
