Feed market update - 3 September 2014
Read our summary of latest developments in the domestic and global grain and oilseed markets.
UK feed wheat futures (Nov-14) closed at £121/t on Tuesday (2 September), up £0.40/t from the previous week’s settlement price. Prices peaked at £121.80/t as at Friday’s close, with escalating tensions between Russia and Ukraine providing support. Both Chicago wheat and maize prices (Dec-14) closed lower on the week on Tuesday, settling at $203.91/t (down $0.55/t) and $143.21/t (down $0.49/t) respectively.
Cereal stocks data, released by Defra on 28 August, revealed that while wheat stocks held on-farm in England and Wales, as at end June 2014, were 26% lower year-on-year, stocks of barley and oats doubled. Provisional results of the AHDB/HGCA Cereal Quality Survey 2014 are available on the HGCA website. The European Commission raised its monthly estimates for cereal production last week. Soft wheat and maize production are also expected to be higher than a year earlier but barely output will be less. The International Grains Council (IGC) increased its forecast of global wheat production in its latest estimates released last Friday.
Chicago soyabean futures (Nov-14) closed $1.47/t higher on Tuesday (2 September), at $379.16/t, compared with a week earlier. As at Friday (29 August), Hi-Pro soyameal prices (ex-store East Coast, September delivery) were £340/t, up £6/t on the week. Rapemeal prices (ex-mill Erith, September delivery) were £166/t, up £3/t compared with a week earlier.