- Location
- UK
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Cereals
Oilseeds
Futures & Options prices
Cereals
- UK wheat prices ended the week higher as sterling weakened today as Theresa May delivered a speech on Brexit, but she failed to mention details of the financial payments which the UK will pay to the EU.
- According to the Russian ag ministry, Russian grain for next year is under threat from rains with a need to hold back extra stocks as a contingency. They also expected higher prices due to crop issues in the US and Canada.
- With Russian wheat exports currently advancing at a record pace with an estimated 83-85MMT crop, they will likely continue to put pressure on world export prices in the short term. Analysts believe Russia can export around 34MT of wheat this season.
- A stronger USD weighed on the global wheat benchmark today as the corn and soybean harvest continued to make progress.
Oilseeds
- OSR closed the week higher, whilst soybean prices rallied for the 5th consecutive week.
- Plantings of soybeans in South America remain under threat from dry weather in Brazil and wet in Argentina.
- Australian Canola remains hampered by persistent dry conditions with high crop losses already expected.
- The weaker sterling and stronger oilseeds markets lent support to UK OSR values to end the week.
- Crude oil prices were stable after another supportive week with prices still above $50bbl.
Futures & Options prices