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Bethan Wilkins

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AHDB Pork Market Intelligence

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Feed market update - 5 November 2014

Home \ Prices & Stats \ News \ 2014 \ November \ Feed market update - 5 November 2014

UK feed wheat futures fell over the week after rallying through most of October. The May-15 contract dropped to £126.00/t on Tuesday, having fallen since last Wednesday, the longest continuous drop since late-September.

UK feed wheat futures fell over the week after rallying through most of October. The May-15 contract dropped to £126.00/t on Tuesday, having fallen since last Wednesday, the longest continuous drop since late-September. Paris and Chicago maize contracts also began to fall during this week’s trading. Despite holding steady in euro terms between Wednesday and Friday, the strengthening of the pound meant that the Paris maize contract lost £1 over that period, adding pressure to UK feed wheat prices. The delayed US maize harvest finally gathered momentum and the French maize harvest is well ahead of its level at this point last year. The past week saw further upward revisions in cereal production numbers by the IGC and EU Commission, reminding the market that the outlook is still fundamentally bearish despite the recent rally in prices.

US soyameal prices appear to have lost some support at the beginning of this week. As at Tuesday’s close, May-15 Chicago soyabean futures were over $14 lower than on Friday, while May-15 Paris rapeseed futures settled at €340/t, €8.75 lower than Friday’s close. Domestic oilseed prices, as at Friday 31 October, reached levels not seen since the end of June this year, with rapemeal (34%, ex-mill, Erith October delivery) reported at £170/t, up £5 on the previous week. The Hi-Pro soyameal price (ex-store, East Coast, October delivery) was £349/t on Friday, up £12 on the week.

To read more about the latest developments in the feed market click here.

 

UK feed wheat futures fell over the week after rallying through most of October. The May-15 contract dropped to £126.00/t on Tuesday, having fallen since last Wednesday, the longest continuous drop since late-September. Paris and Chicago maize contracts also began to fall during this week’s trading. Despite holding steady in euro terms between Wednesday and Friday, the strengthening of the pound meant that the Paris maize contract lost £1 over that period, adding pressure to UK feed wheat prices. The delayed US maize harvest finally gathered momentum and the French maize harvest is well ahead of its level at this point last year. The past week saw further upward revisions in cereal production numbers by the IGC and EU Commission, reminding the market that the outlook is still fundamentally bearish despite the recent rally in prices.

US soyameal prices appear to have lost some support at the beginning of this week. As at Tuesday’s close, May-15 Chicago soyabean futures were over $14 lower than on Friday, while May-15 Paris rapeseed futures settled at €340/t, €8.75 lower than Friday’s close. Domestic oilseed prices, as at Friday 31 October, reached levels not seen since the end of June this year, with rapemeal (34%, ex-mill, Erith October delivery) reported at £170/t, up £5 on the previous week. The Hi-Pro soyameal price (ex-store, East Coast, October delivery) was £349/t on Friday, up £12 on the week.

To read more about the latest developments in the feed market click here.