Wheat futures from the LIFFE exchange in London have soared following the UK’s vote to leave the EU on Thursday. With the value of sterling plunging by 6% against the euro and almost 9% against the US dollar, UK grain prices have shot up in early trade this morning.

LIFFE wheat for November delivery has jumped by more than £4/t (3%) in price in trading today to sit at just below £120/t this afternoon.

In the US, the opposite is happening with grain prices incurring significant falls during overnight trading in Chicago as the value of the US dollar surges against the euro and sterling.

Already feeling the pressure from improving harvest prospects, Chicago corn prices in particular saw heavy losses overnight with prices back more than 3% for December corn to below $152/t. This time last week, December corn was trading for $177/t.

US wheat prices also saw losses but less severe. December SRW wheat was back less than 2% in price to just under $176/t. However, with the markets in the US set to open proper in the next hour (after 3pm), further losses are anticipated as investors and traders react negatively to the Brexit vote.

In Europe, prices from the Euronext exchange in Paris have been steady, despite the significant volatility we are seeing in financial markets today. December wheat prices are holding their own around the €164/t mark, while November maize prices are flat just below €168/t. Rapeseed prices are under pressure today with November rapeseed down by €5/t to €357/t.