Wheat futures hit record high of £222/t
HAVING broken through record levels last week, with the May 2013 contract ending the week at £219.35/t, the London market moved up another notch on Monday to £222/t for the same period.
This meant feed wheat futures were up by about £18 on the month. And in the physical (delivered) market, premiums for next spring remain strong with May 2013 feed wheat at more than £12/t ahead of the current month, November.
The HGCA said sluggish demand in the spot market - caused by a lack of traditional autumn export business - and concern for supplies later in the season were the main drivers of the stronger prices.