AHDB confirms future increase for UK wheat prices

The Agricultural and Horticultural Development Board (AHDB) has confirmed a strengthening for the future of UK wheat prices. By last Friday (February 23), the May 2024 contract was trading at around £167.00/t, which is £3.85/t higher than the previous Friday’s close. Similar trends have also been discerned in both Chicago and Paris. Senior AHDB analyst, Helen Plant, has confirmed a number of contributory factors, where this trend is concerned. These include a potential pick-up in demand, both within France and on international markets. Last week saw a number of tenders registered from Tunisia, Jordan and Bangladesh through the London Stock Exchange. Adding to the upward movement in future prices, are reports that the US could impose new sanctions against Russia to mark two years since the invasion of Ukraine. Export competition from Russia is weighing on grain markets at the present time. Finally, warmer weather in the US could prompt some winter cereal crops to leave dormancy. If ...