AHDB - UK Agriculture and Horticulture Development Board

08/30/2024 | News release | Distributed by Public on 08/30/2024 08:27

Lower proteins persist as wheat harvest presses on: Grain market daily

  • Global wheat futures prices gained again yesterday supported by worries about EU production and short covering by speculative traders. Nov-24 UK feed wheat futures gained £0.85/t yesterday to settle at £182.15/t.
  • Yesterday the EU Commission cut its estimate of the 2024 EU-27 soft wheat (exc. Durum) crop from 120.8 Mt to 116.1 Mt. Barley production is now pegged at 51.3 Mt, down 1.4Mt from July, while maize output was reduced by 1.3 Mt to 61.7 Mt and now below 2023's level. Rapeseed production was cut by 0.4 Mt to 18.0 Mt. These cuts follow reduced yields projections by the EU's crop monitoring service earlier in the week.
  • Nov-24 Paris rapeseed futures rose €8.50/t to €469.75/t, supported by stronger vegetable oil prices, stronger US soyabean futures and short covering. US soyabean weekly export sales came in stronger than expected.