Seeds Market Outlook 20/05/2024

Date: 20th May 2024 Category: Latest News
Seeds Market Outlook 20/05/2024

Reported by the British Retail Consortium - Shop Price annual inflation eased to 0.8% in April, down from 1.3% in March. This is below the 3-month average rate of 1.4%. Shop price annual growth is its lowest since December 2021. Food inflation decelerated to 3.4% in April, down from 3.7% in March. This is below the 3-month average rate of 3.9% and is the 12th consecutive deceleration in the food category. Inflation is its lowest since March 2022.



Flaxseed – Demand is strong at the moment and gaining momentum given the proposed duties. There was barely any carry-in from the previous crop into current crop and is expected to be the same this year. Raw material could look to be tight towards the end of the season.


Sunflower – Now that the season rolls on, we are seeing a squeeze in raw material. Rapeseed is leading the way on oil prices which is also contributing to price increases. Sunflower seed sowing is well on its way and is to be in line with last year’s acreage if not slightly more. If there is material needed to bridge the gap between now and new crop, it is advised to get this covered.


Millet – Not a great deal has changed since our last report. It is still expected that prices will remain relatively stable until we have sight of what new crop may look like. However, the general notion is that prices will stay around these levels and therefore be reflected in the offers we can currently get. We are seeing some forward offers already.


Poppy – Not much has changed from our last market report. We have yet to see any official estimate for this year’s Czech crop. However, given the inflated prices sold throughout this season, it is expected that farmers will again revert back to poppy seeds having seen such profitability. It is anticipated that sowing may have increased by as much as 30-40%. Now we are at the mercy of the weather to see how this season unfolds.


Pumpkin – Some rises in sea freight have counteracted the saving made in the decline in raw material prices. Shipping lines are expected to implement further increases in the coming weeks which will have further effects. Overall, the situation at origin is relatively the same. Prices are stable against weakened demand, and a good opportunity to cover some volumes between now and new crop. The sowing for new-crop is now well on its way with an expectation of increased acreage for some.