AHDB - UK Agriculture and Horticulture Development Board

11/21/2024 | News release | Distributed by Public on 11/21/2024 06:39

UK wheat area to rise for harvest 2025: Grain market daily

  • Global grain markets made further gains yesterday after news that Ukraine fired further long-range missiles into Russia and buying by speculative traders (Refintiv). The use of long-range missiles follows the US lifting restrictions earlier in the week. This escalation raises the prospects of disruption to grain supplies, though gains were limited by continuing export offers.
  • UK feed wheat futures for May-25 gained £0.55/t yesterday to settle at £192.95/t, while the Nov-25 contract lost £0.40/t to settle at £189.85/t. The Nov-24 contract, which finishes trading tomorrow (22 November), also gained £0.55/t to £180.05/t. Stronger sterling limited the rises in old crop prices compared to Paris and Chicago wheat futures.
  • Paris rapeseed futures lost further ground yesterday due to continued falls in palm and soya oil prices. The May-25 contract fell €8.25/t to 524.75/t (approx. £437.50/t), while the Nov-25 contract fell €3.25/t to settle at €480.25/t (approx. £400.50/t).
  • Soya oil prices are retreating due to favourable weather for soyabean crops in South America and worries about US biodiesel demand due appointments by the President elect who are sceptical towards biofuels. Weaker exports were also a factor for Malaysian palm oil prices. Refintiv reports that cargo surveyors estimate 1 - 20 November Malaysian exports are down between 1% and 5% from the same period in October.