UK Feed Wheat Futures Prices Surge to New High Amid Black Sea Tensions
UK feed wheat futures prices rose sharply last week, reaching their highest price so far at £215.75/t for the Nov-26 contract.
The Relative Strength Index (RSI) moved from 60 on August 21 to 80 on August 28, indicating an overbought zone and a potential higher risk of prices changing direction.
Bullish market news could still push prices higher, despite the risks. Nearby Chicago wheat futures reached their highest price since February 2023, with the Dec-26 contract up 12.1% Friday-Friday.
The Black Sea conflict remains a key driver of prices, as the market continues to assess availability elsewhere. The Australian government revised up its forecasts for wheat and barley production in 2026/27, following recent rain and larger-than-expected crop areas.