Feed market update - 15 April 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
UK new crop feed wheat futures (Nov-15) closed at £128.25/t on Tuesday, down £2.75 since the previous Tuesday’s close. Chicago wheat and maize futures (Dec-15) followed a similar trend, with both down on the previous week’s close. The April update of the USDA World Agriculture Supply and Demand Estimates was fairly neutral in terms of altering market direction. The key headline related to an upward revision to global maize stocks driven by weaker demand and higher production. Closer to home, EU wheat ending stocks were lowered again as a result of the weak euro and rapid export pace.
UK rapemeal prices (34%, ex-mill, Erith) were £181/t on Friday, down £3 week on week; soyameal (Hi pro, ex store, east Coast) was £311/t, down £8 since the previous Friday. Confidence is growing for South American soyabean supplies as harvest advances and yield reports continue to be positive, with further upgrades to production estimates. There were relatively few changes in the updated USDA estimates for global soyabean supply and demand and the picture remains one of heavy global supplies. Although the forecast of US ending stocks was reduced slightly due to higher crush demand, monthly US crush statistics out later this week will give greater insight into whether the trend is continuing.
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