Wheat prices at lowest point for a year.

A report in the Farmers Weekly says that wheat prices have reached their lowest point for a year, falling by about £25/tonne over the past four weeks.  This puts the spot feed wheat price at around £140/tonne ex farm. 

Grain markets are under severe pressure on fears of lower demand on a poor world economic outlook and higher harvests than had been expected. However, prices have now dipped low enough to create some buying interest.

The Russian Grain Union is forecasting a 93m-tonne grain harvest and 25m tonnes of exports while other Black Sea countries are also reporting heavy crops.