Grain price: Wheat markets take a tumble
Wheat price took a tumble this week. Both LIFFE (January) and MATIF (March) wheat dropped from the start of the week. However, LIFFE wheat for March was trading at £176.85/t – £3/t above the January price – as of dinner time yesterday (December 20).
The MATIF price for May was trading at €207.25/t, while September and December prices were at €192.25/t and €194.25/t respectively.
UK wheat yield back
Across the water in the UK wheat yields have been revised. UK wheat yield is down 6.2% on average. Initial reports in October had average yields down by approximately 5.3%. This figure has now been revised by 0.9%. This brings the drop to a total of 133,000t.
Meanwhile, Russian wheat exports are now slowing down according to Reuters. Some of this slowing down is thought to be due to poor weather conditions. Stocks are become depleted at the ports because poor weather is making grain transport difficult.
LIFFE wheat for November started the week at £173.45/t. Having dropped to £175.00/t on Tuesday (December 18) it took a further tumble to £173.85 on Wednesday (December 19). This price remained on Thursday (December 20).
The MATIF price for March told a similar story. Having held a price above €207.00/t on Monday and Tuesday (December 17 and 18) the price took a hit on Wednesday (December 19) and fell to €205.25/t. By Thursday, the price had crept back up to €206.75/t.
Chicago Board of Trade (CBOT) wheat for March started the week at 535.25c/bu. It dropped slightly to 532.72c/bu on Tuesday (December 18) and hit 522.50 on Wednesday (December 19), dropping slightly to 522c/bu on Thursday (December 20).