Wheat prices are expected to remain high in the short term as markets stay bullish.The London November 2021 feed wheat futures contract climbed to ￡208.50/t on Tuesday 11 October, a jump of ￡8.50 on the week. However, more bearish outlooks in the longer term from the US Department of Agriculture's World Agricultural Supply and DemandEstimates report (See "WASDE report - main changes") and the AHDB suggest prices could begin to soften.Stock levels for wheat in major exporting countries are down to their lowest levels since 2008, according to the AHDB. This, coupled with tight supply of wheat in the northern hemisphere due to adverse weather in the US, Canada and Russia, is driving upglobal prices.However, one of the key messages from the AHDB's Grain Market Outlook event on Tuesday 12 October was that harvests in the south-em hemisphere are likely to dictate how global grain markets move in the coming months.
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