AgriFacts October 2024
Market Report Grain market report At the beginning of September wheat prices rebounded for a short time, and it has attempted to rebound a couple of time since, but it seems we are still waiting for the rebound we are hoping for. As ever, there are multiple factors affecting the current grain markets.
There are ongoing weather risks affecting several regions. In Russia and Ukraine, rainfall in September was less than 20% of the normal amount, compounding an earlier summer shortfall. As a result, planting is slow, and crop emergence is patchy, potentially leading to the smallest winter planting area in over a decade. Brazil is also experiencing severe weather conditions, with the driest soils in 40 years and minimal soybean planting, as farmers await a change in weather patterns. France, Germany, and Ukraine are reporting very poor-quality milling wheat, with only 30-40% meeting milling standards. In Ukraine, millers are urging the government to limit milling wheat exports. Geopolitical and economic factors are also poised to impact grain markets. The ongoing situations in Ukraine and Israel, along with the Middle East crisis, could drive crude oil prices back to recent highs. Meanwhile, China
Fertiliser
October 2024 (Midlands) ex farm
Feed Wheat
£178/t
Red Diesel
Feed Barley
Source: ODA UK Ltd
OSR
£156/t
£380/t
Straw
65ppl
£55/t – big bale wheat
AN
Gran Urea
£338/t
£350/t
TSP
£471/t
Milk
40ppl
Hay
Finished Steers
506.4 p/kg
Finished Lambs
£100/t big bale
641.1 p/kg
MOP
Finished pigs
£358/t
209.0 p/kg
Prices taken from Farmers Weekly & AHDB
Grain market prices
has announced strong stimulus measures to boost domestic consumption, and central banks have started a new cycle of lower interest rates. These factors could influence commodity prices. Despite a bumper harvest in the US and adverse currency movements, there may be favorable shifts in commodity prices.