Feed market update - 8 October 2014
UK feed wheat futures have seen upward movement over the past week and have moved back above the £110/t level.
UK feed wheat futures have seen upward movement over the past week following the trend set by international wheat markets and have moved back above the £110/t level. A slight weakening of the Pound against the Euro also offered some support. The Nov-2014 contract closed at £114.50/t on Tuesday, a gain of £6.80 from the previous Tuesday. Chicago wheat futures (Dec-14) have gained $10.47 since last Tuesday to close $175.53/t, partly due to strong US and EU wheat export sales. Chicago maize futures also saw gains, as rains slowed the ongoing US harvest. Markets will be looking to Friday’s USDA report for further indication of US maize yields and production.
Soyabeans dominated oilseeds headlines throughout the last week, with the market reacting mainly to the forecast bumper US soyabean harvest. Over the past week, Chicago soyabean futures (Nov-14) have increased by $10.10 to close at $345.63/t on 7 October. Reports that rain was slowing harvest progress and continued strong export sales gave support to prices. The UK Hi-Pro soyameal price (ex-store, East Coast, October delivery) was unchanged from the previous week at £318/t on Friday.
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