New season barley prices relatively supported

  • Global wheat futures fell yesterday after SovEcon increased its forecast for the Russian 2021 wheat crop by 3.1Mt. The crop is now pegged at 79.3Mt, compared to 85.9Mt in 2020. The upgrade follows a mild winter and good recent rainfall.
  • For UK feed wheat futures, the impact on old crop prices was offset by a rise in Chicago maize prices. May-21 UK wheat futures were unchanged at £200.00/t, while Nov-21 price fell by £0.80/t to close at £167.30/t.
  • May-21 Chicago maize futures were supported by the purchase of US maize by China mentioned in yesterday’s Grain Market Daily.
  • There was also pressure on oilseed prices after rainfall in Argentina, which could stabilise soyabean yields. New crop (Nov-21) Paris rapeseed futures lost €6.00/t yesterday to close to €438.50/t.

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