With the full release of the final DEFRA June survey and the Early Bird Survey results, an initial, estimated production range for 2023 harvest can be calculated with the latest planting intentions area and the latest crop yields.
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Market commentary UK feed wheat futures (May-23) closed yesterday at £243.50/t, gaining £4.60/t on Tuesday’s close. New crop (Nov-23) closed at £230.50/t, gaining £3.10/t over the same period. Our domestic market rose yesterday in line with Paris and Chicago wheat markets. Wheat markets were supported as there is forecast for cold temperatures in the U.S. Midwest, which brings potential of winter kill given there isn’t any snow cover. Over the next three days, it is expected to get very cold but will warm up from Christmas day. Paris rapeseed futures (May-23) closed yesterday at €575.00/t, gaining €12.50/t on Tuesday’s close. Rapeseed was supported inline with crude oil markets and soyabeans, given a lack of soil moisture in Argentina which is underpinning the market currently. Although there have been some recent rains, there are questions over how much these crops could be revised down by from the on-going drought in the country. Arable crop production ranges for 2023 Please ...
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