Supply fears especially for wheat, mainly driven by dry weather, helped to drive fund purchase activity last week and this strengthened both futures prices and physical markets.
For the first time in some years wheat supply is a concern in the market.
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Global futures markets rose last week, with weather and crop condition reports the main drivers. But funds drove the prices, rather than consumers. Chicago December wheat climbed from $5.30/bushel in mid-May to $5.88/bu on Tuesday. Chicago maize rose from $4.12/t to $4.29/bu in the same period. Both are slipping again.
The euro is down against the dollar and this is affecting EU markets. Movement in the MATIF is welcome news for malting barley, as well as feed wheat growers. December MATIF wheat increased from €170/t in mid-April to close at €188.75/t on Tuesday evening.
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Weather remains a significant concern in the main wheat regions. Dry and hot conditions continue to cause concern in Australia, parts of central Canada and the US. There are also similar fears now in the Black Sea region.
Native prices remain largely nominal. Spot wheat to the trade rose to €190+ earlier this week, with new crop in the same price range. Forward wheat got offers of €197/t earlier in the week but individual merchants offered up to €204/t. New crop barley is being put at €185/t for November but again individual merchants offered higher prices.
UK grain prices finished last week higher (AHDB). Feed wheat delivered Yorkshire closed at £171.50/t last week and average ex-farm prices showed wheat close at £155.30/t (up £3.90) and barley at £145.40/t (up £5.80).
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Global futures markets rose last week, with weather and crop condition reports the main drivers. But funds drove the prices, rather than consumers. Chicago December wheat climbed from $5.30/bushel in mid-May to $5.88/bu on Tuesday. Chicago maize rose from $4.12/t to $4.29/bu in the same period. Both are slipping again.
The euro is down against the dollar and this is affecting EU markets. Movement in the MATIF is welcome news for malting barley, as well as feed wheat growers. December MATIF wheat increased from €170/t in mid-April to close at €188.75/t on Tuesday evening.
Weather remains a significant concern in the main wheat regions. Dry and hot conditions continue to cause concern in Australia, parts of central Canada and the US. There are also similar fears now in the Black Sea region.
Native prices remain largely nominal. Spot wheat to the trade rose to €190+ earlier this week, with new crop in the same price range. Forward wheat got offers of €197/t earlier in the week but individual merchants offered up to €204/t. New crop barley is being put at €185/t for November but again individual merchants offered higher prices.
UK grain prices finished last week higher (AHDB). Feed wheat delivered Yorkshire closed at £171.50/t last week and average ex-farm prices showed wheat close at £155.30/t (up £3.90) and barley at £145.40/t (up £5.80).
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