Feed market update - 25 June 2014
Latest developments in cereals and oilseeds markets affecting pig feed.
Nov-14 UK feed wheat prices closed at £136.75/t on Tuesday, up £0.55 on the week but down from £138.50/t on Monday. Dec-14 Chicago wheat futures settled at $221.36/t on Tuesday, down $3.49 on the week, whilst Chicago maize futures (Dec-14) closed $0.78 higher, at $173.52/t, over the same time period. Both Chicago wheat and maize future peaked towards the end of last week, influenced by the arrival of heavy rains across the US Plains and Midwest. This weather caused concerns for potential damage to US crops but the latest USDA crop progress report, released on Monday, eased these fears as it showed that crop conditions were better than expected.
Paris Nov-14 rapeseed futures increased by €2.25 over the week, closing at €352.75/t on Tuesday, although on Friday, prices reached their highest in almost 4 weeks. On Friday, UK Hi-Pro soyameal prices (Ex-store, East Coast) were £340/t (June delivery), down £12 on the week, and rapemeal prices (34%, ex-mill Erith, July delivery) were down £4 at £198/t. The EU rapeseed crop is looking promising. Generally favourable weather conditions across the continent have triggered the positive outlook, although the weather over the next month is still an unknown and could change things.
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