Commodity pricing data supplied by Mintec. (Prices per metric tonne)

UK milling wheat

£148

Month-on-month: -0.7%

Year-on-year: 25.1%

UK wheat prices have remained fairly stable m-o-m in April. Dry weather in the UK throughout April has raised concerns over the growth of wheat, with worries over fertiliser absorption. However, this has been alleviated by the recent rainfall in May.

EU milling wheat

€169

Month-on-month: -0.1%

Year-on-year: 3.8%

EU wheat prices have remained fairly stable m-o-m. Wheat production in the EU for 2017/18 is forecast at 151m tonnes, up 4% y-o-y. However, global production of wheat is forecast to fall y-o-y for the first time in five years, down 2% y-o-y at 737.8m tonnes.

Canadian milling wheat

CAD$241        

Month-on-month: 4.4%

Year-on-year: 3.4%

Canadian wheat prices have risen m-o-m due to lower production forecast for 2017/18, down 11% y-o-y to 28.4m tonnes. As a result, ending stocks have been forecast down 28% y-o-y to 5.2m tonnes.

EU sugar

€680

Month-on-month: 0.0%

Year-on-year: 17.2%

EU sugar prices have remained stable m-o-m but have fallen since the peak in February, due to an expected rise in production. This is driven by expansions of production areas in France, Germany and Sweden, as a result of EU sugar reforms.

EU SMP

€1,755

Month-on-month: -2.3%

Year-on-year: 14.4%

EU SMP prices have fallen m-o-m as buyers continue to hold off purchasing. In addition, rising milk production over the spring flush is also expected to increase SMP supplies.

EU butter

€4,497

Month-on-month: 6.0%

Year-on-year: 93.0%

EU butter prices have reached their highest levels so far in 2017, due to low milk fat availability and high international demand. In addition, increasing profitability for cream processing has limited milk fat availability for butter production, further limiting supply.