Black Sea Disruptions Send UK Wheat Futures Soaring
The UK feed wheat futures market showed continued support last week, gaining £3.50/t (1.8%) to close Friday at £199.75/t.
The November 2026 contract hit a high of £207.00/t on Wednesday before coming back down.
However, the Relative Strength Index (RSI) decreased from 76 on 17 July to 75 on 24 July, indicating that prices may be overbought and due for a pause or retreat.
The main market driver is continued disruption in the Black Sea, with further attacks on ports and commercial vessels driving up shipping costs and deterring trade.
This has led to concerns about global supply, particularly from Ukraine and Russia, which have harvested significant grain volumes this year.
France's maize crop was affected by a severe heatwave, with only 38% of the area in good or excellent condition as of 20 July.
Russia's 2026 grain crop is forecast at 139 Mt, including 90 Mt of wheat, according to consultancy IKAR.