There had been some hope that the 2022 harvest could bring a return to normality after the price shocks caused by the war in Ukraine.
But new crop price quotations in the latest UK Flour Millers economic briefing show that this is unlikely to be the case, as strong global demand for grains and weather concerns in key production regions are providing support. The briefing also highlights the rising differential in new crop breadmaking quotations over feed wheat, reflecting potential concerns around farmers choosing not to apply as much nitrogen fertiliser as usual owing to higher prices, affecting yield and grain quality.
The briefing was published on 24 May and can be accessed here: www.ukflourmillers.org/wheatmarket.
As with previous economic briefings, this is publicly available and can be shared with others in the supply chain.