Since last week's global rally, UK futures and physical prices have shed around £8/t due to a downturn in domestic demand and strengthening sterling. Consumers in all sectors continue to weigh up the impact of Covid-19 on their businesses but, with sterling firming and old crop becoming too expensive to export, it feels as though time is on their side.
Supermarket demand for bread, meat and eggs is supporting wheat inclusion for feed compounders around the UK, but industrial flour usage demand has crashed as the public no longer require pre-packed flour based products.