Grain market stress as first cargo leaves Odesa – Farmers

Grain markets are below stress on the burden of harvest challenges, prospects for shipments from Ukraine and decrease oil costs because the financial outlook cools additional.

The primary cargo below the UN-negotiated protected hall settlement left Odesa on the MV Razoni on Monday 1 August, carrying 26,000t of Ukrainian corn. It was sure for the Lebanese port of Tripoli, through Istanbul for inspection.

Ex-farm feed wheat values midweek ranged from £233/t to £248/t throughout the areas, with the North, Scotland and the Borders on the prime finish.

UK feed wheat futures midweek stood at £265.20/t for November 2022, down about £2.50/t on the week.

See additionally: Compliance recommendation on fwi

“Markets stay on the defensive as vessels begin shifting out of and into Ukraine,” mentioned Simon Wilcox, grain origination supervisor for Cefetra.

The acute volatility of the market is completely illustrated within the excessive of £360/t the November 2022 contract reached on 16 Could this yr, in distinction to its low of £134.05/t on 4 August precisely two years in the past.

European maize crops have been adversely affected by the new climate, bringing the prospect of further demand for feed wheat to interchange components of these poorer maize crops.

Oilseed volatility

Nervous oilseed markets have decreased on the again of crude oil costs, which have in flip fallen on recession fears. For the newest regional costs, see p120.

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