Feed market update - 28 May 2014
Latest developments in cereals and oilseeds markets affecting pig feed.
As at Tuesday’s close (27 May), UK feed wheat futures were £4.1/t lower, at £147.00/t, compared with a week earlier. Nov-14 UK feed wheat futures closed at £144.00/t, their lowest value since early February. The nearby Chicago wheat price also fell during the last week, from $264.3/t to $235.5/t on Tuesday, while nearby Chicago maize prices declined over the week by $1.50/t to $184.9/t on Tuesday. Conditions such as the easing tension in Ukraine and encouraging planting conditions in the EU have applied downward pressure to prices. The EU maize crop expectations for this summer have been raised, which may reduce EU dependence on imports. The EU wheat crop is also reported to be in good condition. This contrasts with ongoing uncertainty about the US wheat crop.
The nearby Chicago soyabeans contract closed at $547/t on Tuesday, up from $540/t a week earlier. As at Friday 23 May, the UK Hi Pro-soyameal (ex-store East Coast) price was £374.00/t (May delivery), up £11.00/t on the week. Rapemeal prices (ex-mill Erith, May delivery) were £2/t higher on Friday (23 May) compared with the previous week. USDA government data released on Tuesday revealed that soyabean planting is ahead of schedule across the US Midwest.