Feed market update - 24 September 2014
Read about latest developments in global markets for cereals and oilseeds.
UK feed wheat futures (Nov-14) closed at a new contract low of £109.75/t on Tuesday, down £2.85 on the week. Chicago wheat and maize futures both declined by over $7/t over the week. The main driver behind the price falls is the positive outlook for grain supplies this season and the continued upward revision of production estimates. In their latest forecast, Strategie Grains increased their estimate for 2014/15 EU wheat, barley and maize production. Ukraine is also expected to produce more feed wheat this season.
Over the past week, Chicago soyabean futures (Nov-14) have closed at a contract low each day since last Thursday. Weekly sales of US soyabeans for the 2014/15 marketing year were above trade expectations and sales of new crop US soyabeans have continued to be strong. Hi-Pro soyameal prices (ex-store, East Coast, September delivery) were £328/t on Friday (19 Sept), down £1 on the previous week. Rapemeal prices (34%, ex-mill, Erith, September delivery) were £160/t, £7 lower compared with the previous week.
To read more about the latest developments in the feed market click here.