Sterling reacted positively to the UK election result, gaining up to 2% versus the euro as the Conservatives secured a majority of at least 78 seats. However, this currency move is negative for wheat prices as it makes imports cheaper and exports more expensive. Wheat prices have had to adjust to counteract this, with London futures easing lower on Friday morning.
Nevertheless, the fall in UK prices was limited as European and US markets moved higher. US wheat futures rallied on more positive news over the US trade dispute with China.