The UK wheat price continues its bullish trend experienced since the beginning of September, following planting disruptions caused by what is being reported as one of the most challenging seasons on record.
Extreme rainfall has been impacting wheat plantings across the country due to extreme moisture in the ground, which was made worse after Storms Ciara and Dennis. According to the Met Office, this has so far been the wettest winter since 2016. According to the AHDB, the winter wheat harvest is projected to be 17% lower than last year’s - the smallest winter wheat cropping area in decades. As a result, the average price of UK wheat is 18.6% higher in February, compared to September 2019 (the beginning of the bullish trend).
Meanwhile, the effects of COVID-19 are adding downward pressure to EU wheat prices. European wheat (Euronext) fell by 1% (€2.05/MT) between 19th February and 26th February, following market concerns as the coronavirus continues to spread further across the globe.