Main market movers to watch out for: Grain market daily

• Global and domestic wheat futures lost ground yesterday, largely due to a shift in fundamentals. Further loses are likely to be capped by the diminishing prospects of Ukraine exporting large volumes of grain – see below for more detail.
• UK feed wheat futures (Nov-22) settled at £305.00/t yesterday, down £12.50/t from Monday’s close.
• While global wheat markets took a dip yesterday, maize markets have been supported by strong physical demand. Dec-22 Chicago maize futures closed up for the second day in a row on Tuesday, gaining $4.53/t on the day to close at $281.10/t.
• Nov-22 Paris rapeseed futures closed at €778.00/t on Tuesday, €21.25/t down from Monday’s close.

Over the past few weeks, we have seen greater fluctuations with UK wheat prices as global markets react to any new news that may affect supply for 2022/23. The war in Ukraine has obviously underpinned the volatility in markets of late, with reports of drought in the US and also Europe adding to the uncertainty.

Below is an update on what is happening in these areas and how this may affect domestic wheat markets going forward.

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