Monday Market Briefing - 28th April 2025

Most producing areas worldwide saw some useful rainfall across the easter School holiday period. It’s always tempting at this time of year to seek out weather stories which might encourage a market rally but let’s not beat around the bush, we are expecting another world record grain harvest this year. The prospect of another dry spell ahead for north-western Europe over the next two weeks is not likely to challenge the over-riding sentiment that crops are in pretty good condition and will most likely stay that way.

New crop wheat prices remain fairly well supported but old crop crunched back to contract lows again last week as our existing feed grain surplus confronts the realities of international competition for buyers. The UK will probably have a record carry over stock of unsold grain at the end of this season despite 2024 being one of our smallest harvests of recent years, quite an extraordinary situation but this is where we find ourselves. Markets for all grades of wheat remain open for the time being, including reasonably prompt movement in most cases, so whether we like the prices or not, we cannot point to lack of opportunity as an issue. Give the office a call if you want to grab one of these deals.

Have a good week.