Grain prices have recovered from the fall at the start of the week following a rise in the price of crude oil, a fall in sterling and tensions in the Black Sea.
The latest AHDB Grain Market Report shows UK feed wheat futures (Nov-25) at £166.65/t, the May-26 contract edged up to £177.95/t. Further support came from renewed demand from some of the world’s major wheat importing countries. Algeria’s state grains agency (OAIC) reportedly purchased around 500 Kt of milling wheat via tender, while Jordan secured 60 Kt of wheat in a separate deal (LSEG).
Nov-25 crude oil rose close to £70.00/barrel after fresh naval tensions in the Black Sea and tightening global supply concerns. However, according to a Reuters report, oversupply concerns will be the focus for the fourth quarter, which is also likely to see a return of Kurdish supplies.
The rise in crude also offered some support to the wider vegetable oil complex. Nov-25 Paris rapeseed futures stand at €473.50/t. However, gains were capped by subdued Chinese demand for US soya beans.
