Feed market update - October 2014
Global grain prices received some support last week as the wet weather in the US grain belt hampered maize harvest progress and this filtered into the UK feed wheat futures market.
Global grain prices received a certain amount of support last week as the wet weather in the US grain belt hampered maize harvest progress; Dec-14 Chicago maize futures prices reached highs not seen since the beginning of September. The support filtered into the UK feed wheat futures market, as prices increased by £3.80 from Monday – Friday last week, closing at £116.45/t on Friday. The price dipped at the beginning of this week before gaining again on Tuesday, to close at £116.50/t. On Tuesday, Dec-14 Chicago wheat futures prices closed at $190.77/t, a level not seen since 10 September.
Weather is a key driver of oilseed prices currently, with the US soyabean and Canadian canola (rapeseed) harvests behind schedule and soyabean crops being planted in South America. Paris rapeseed futures (Nov-14) remained fairly stable throughout the last week, fluctuating around the €322/t level. UK rapemeal (34%, ex-mill, Erith, October delivery) was reported at £160/t on Friday, up £2 on the previous week. The Hi-Pro soyameal price (ex-store, East Coast, October delivery) was unchanged again on Friday, at £318/t.
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