UK: Arable market report - 02 May 2023

Competitive Black Sea supplies continue to pressure global wheat markets short term. Though, volatility is expected as we near the potential renewal of the Black Sea Initiative. US crop conditions look to be improving, also weighing on prices longer term. As with wheat, some volatility can be expected short term as we approach the expiration of the Black Sea Initiative. However, sluggish demand for US maize, and cheaper Brazilian supplies expected on the market will likely pressure prices. Global barley prices continue to follow movements in the wider grain complex. The discount of ex-farm UK feed barley to UK feed wheat stood at £27.00/t as at 20 April. Global grain markets felt some pressure last week as competitive Black Sea supplies continued to weigh down on the market, US crop conditions improved, and demand for US maize turned sluggish. As global prices fall lower, we have seen global tenders come through for state buyers for Egypt and Jordan. Yesterday, in its weekly crop ...