The news that Russia will increase its wheat export duty to approximately $6/t from 17 September has offered some support to grain markets.
The latest AHDB Grain Market Report shows UK feed wheat futures (Nov-25) at £167.35/t, the May-26 contract edged up to £178.80/t. Chicago wheat and Paris milling wheat futures (Dec-25) also rose as a result.
After the Bank of England kept interest rates at 4%, analysts don’t expect it will have a great bearing on global grain markets. The reduction in US interest rates didn’t impact markets either, the decision expected by financial analysts.
However, the strength across the wider vegetable oil complex saw further gains for rapeseed, Nov-25 Paris rapeseed futures climbing to €470.75/t.
However, gains were capped after Winnipeg canola futures (Nov-25) moved down 2.0%% after StatsCan confirmed an expected harvest of 20 Mt this year, compared to 19.2 Mt last year.
Further support could come with support for soyabean futures following news of potential progress in US–China trade deal negotiations. Additionally, crude oil futures increased over the week.
