Commodity pricing data supplied by Mintec. (Prices per metric tonne)
UK butter prices have reached their highest level in 2017, caused by a decline in availability and firm domestic demand. A consumer preference towards butter instead of margarine is driving domestic demand, while an increase in exports to the US has been seen for some member states.
Canadian milling wheat
Canadian wheat prices have risen in June following adverse weather conditions in the country. Hot and dry weather raised concerns over production of the crop. Wheat production in Canada for 2017/18 is forecast down 11% y-o-y at 28.4m tonnes, driven by reduced yield, which is forecast down 12% y-o-y at 3.15 tonne/hectare.
EU SMP prices started to rise in May, following an increase in demand from the food service sector. Low pricing levels have increased buying interest, with large number of buyers looking to secure product over the next few months.
EU milling wheat
EU wheat prices have risen in June following increases in US prices. Prices in the US rose due to adverse weather across the Northern US Plains causing concerns over future production of the spring wheat crop, which has just been planted.
UK milling wheat
UK wheat prices have fallen due to easing concerns over production issues in April, caused by the previous dry weather conditions. The recent rains in May have helped to replenish groundwater reserves and improved fertiliser absorption. Wheat production in the UK for 2017/18 is forecast up 1% y-o-y at 14.6m tonnes.
European sugar prices have fallen m-o-m due to increased production. Sugar production in the EU is forecast to expand 13% y-o-y in 2017/18, to 18.6m tonnes, due to abolition of production and export restrictions.