Grain prices continue to sit low as weather and political issues remain watchpoints.
The latest USDA crop progress report has painted a more favourable picture of US crop conditions than expected, with 52% of the US winter wheat crop rated as being in good or excellent condition.
In terms of development, 83% of the crop has now headed, with harvest well underway in Texas and other southern states. The proportion of the US maize crop rated in good or excellent condition also improved but is in line with expectations.
It has helped cap markets, with the current AHDB Grain Market Report showing Nov-25 UK feed wheat futures at £179.50/t. The May-26 contract is currently at £191.00/t. The escalation of the Ukraine conflict, steady EU export demand and a rise in the value of sterling are also factors.
Paris rapeseed futures (Nov-25) fell slightly over the same period and stand at €483.24/t. Again this was partly down to the weather, Canadian farmers making good progress with spring canola planting due to dry conditions.
