Feed market update - 12 November 2014
UK feed wheat futures (May-15) closed at £126.0/t on Tuesday (11 November) unchanged from a week earlier, although prices fell to £124.0/t as at Friday’s close.
UK feed wheat futures (May-15) closed at £126.0/t on Tuesday (11 November) unchanged from a week earlier, although prices fell to £124.0/t as at Friday’s close. Yesterday’s (11 November) settlement price for Chicago wheat futures (May-15) was $197.8/t, $3.6/t lower on the week, while Chicago maize prices (May-15) closed $3.7/t higher compared to last Tuesday (4 November) at $155.7/t. The latest USDA supply and demand estimates, published on Monday 10 November, saw forecast global wheat production in 2014/15 revised lower to 719.9Mt. However, the outlook for EU wheat output was increased to 155.4Mt (9% higher year-on-year). Estimates for global wheat demand were reduced to 712.7Mt. There was little change in forecast global maize production. Although the estimate for US maize production was reduced on the basis of lower expected yields, a record crop is still expected. EU maize production was revised just over 2Mt higher to 73.1Mt (14% higher than in 2013/14). Cereal usage data, released by Defra last week (6 November) revealed a 5% year-on-year decline in GB retail feed production for the 2014/15 season until end September.
Chicago soyabean futures (May-15) closed at $393.5/t on Tuesday 11 November up $18.90. The upward price movement was also reflected in Paris rapeseed futures (May-15); the settlement price on Tuesday was €344.5/t, compared with €340.0/t a week earlier. Hi-Pro soyameal prices (ex-store East coast, November delivery) were £348/t on Friday 7 November, down £1/t from the previous week. Over the same time period, rapemeal prices (ex-mill Erith, November delivery) declined by £2/t to £168/t. Global soyabean output was pegged 0.9Mt higher, at 312.1Mt, by the USDA on Monday (10 November). This was mainly due to higher projected yields for the US crop. Production forecasts for Brazil and Argentina, who are in the process of planting their soyabean crops, were left unchanged from October’s estimates.
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