Feed and milling wheat prices have both increased month on month, in contrast to their overall downward trend over the past year. There have been concerns over the quality of the crop, which have pushed up milling wheat prices. There have also been upward revisions to wheat consumption figures, which have had the same effect on feed wheat prices. Meanwhile, durum wheat prices continue to surge on the back of a 13-year low in global production.

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Crude oil prices are down month on month and year on year, as a result of increased supply and lower global demand. Forecasts for global crude oil supplies in 2014 have increased to 92 million barrels per day, but demand forecasts have moved the other way.

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