UK feed wheat futures (May-21) rose by £2.25/t on 18.02.2021, to £204.25/t. The Nov-21 futures contract rose by Â£1.35/t, reaching £169.00/t. The gains followed higher global wheat prices, but stronger sterling capped UK futures.
.Global wheat prices rose as cold weather remains a threat to wheat in the US, and SovEcon cut 1.5Mt from its 2021 Russian wheat crop forecast.
.US farmers may plant 0.5Mha more maize and 2.8Mha more soy beans for harvest 2021 than harvest 2020, according to the USDA. The USDA released the forecasts at its annual outlook conference on 18.02.2021. The higher forecasts pushed prices for both crops lower.
.Paris rapeseed futures (May-21) gained ‚¬1.50/t to ‚¬460.00/t on 18.02.2021, despite falls in Chicago soy bean prices. The forecast 4% rise in the 2021 Canadian canola (rapeseed) area is smaller than some in industry had expected. This, and short covering, pushed May-21 Canadian canola futures to the highest price yet.