Global wheat markets continued to strengthen last week, despite a slight dip on Tuesday.
According to the latest Agriculture and Horticulture Development Board (AHDB) market report, Paris wheat, old-crop (May 22) and new-crop (Dec 22) gained on the week, closing at €293.75/t and €264.00/t respectively. This, once again, sets records.
Chicago wheat closed on Friday last at $308.62/t for old-crop (May 22) and $305.03/t for new-crop (Dec 22), both up on the week.
Harvest down under
The anticipated bumper crop in Australia is becoming questionable due to quality concerns.
Rain in the eastern states has hampered harvest progress and although there is finer weather in Western Australia, quality is still uncertain.
Rain during the harvest has negative effects on quality and sources suggest that the harvest has large volumes of lower protein wheat.
In southern Brazil and Argentina, the return of wetter weather was good news for the region's first maize crop and soya beans.
If the soya bean harvest is completed in time, this will allow for the safrinha maize crop to be planted within the optimum window, helping realise the anticipated record crops.
On the other hand, demand remains relatively strong, particularly from the US ethanol sector. Latest production figures show, to week ending 12 November, 1.06M barrels per day were produced.