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UK feed wheat futures for November 2021 rose £1.15 to £168.75 a tonne after large losses the previous week. Hot, dry weather in the US plains and Canadian prairies has left only 20% of US spring wheat rated good or excellent, the lowest for this point in the season since 1988.
Protein premiums are rising as a result.
Poor North American high-protein supply increases demand for alternative milling wheat and lifts premiums, which supports global wheat values. The impact depends on how the crop conditions evolve.
ahdb.org.ukJun 29, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
