Feed market update - 3 December 2014
May-15 UK feed wheat futures prices closed at £140.95/t on Tuesday (2 Dec), up £5.55/t on the previous Tuesday’s close.
May-15 UK feed wheat futures prices closed at £140.95/t on Tuesday (2 Dec), up £5.55/t on the previous Tuesday’s close. Chicago May-15 futures prices also followed the upward trend and closed $16.17/t higher on the week. Prices were supported by early concerns about the 2015/16 crop and apprehension that the introduction of tougher rules in Russia may impact on its exports. In contrast Chicago maize futures prices closed at $153.44/t on Tuesday, down $2.36/t on the previous week.
The first official UK cereals supply and demand estimates for 2014/15, published last Wednesday, revealed a 1% decline in demand for total cereals in animal feed compared with last season. In spite of this, due to its increased price competitiveness, wheat usage is estimated 9% higher year-on-year, at 6.7Mt. This is expected to be at the expense of other grains, with the proportions of barley, maize and oats in animal feed declining compared with 2013/14.
May-15 Chicago soyabean futures prices settled at $371.07/t on Tuesday (2 Dec), down $18.83/t from the previous Tuesday’s close, and the lowest price seen since mid-October. At Tuesday’s close, May-15 Paris rapeseed futures prices closed €9.25/t lower than the previous week at €337.25/t. UK rapemeal (34%, ex-mill Erith, December delivery) was £178/t on 28 Nov, up £5/t on the previous week. Soyameal (Hi pro, Ex-Store, East Coast) was £340/t on 28 Nov, down £10/t in comparison to the previous price of £350/t on 14 Nov.
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