Feed market update - 8 April 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
May-15 UK feed wheat futures closed at £121.85/t on Tuesday, up £1.35 on last Tuesday. May-15 Chicago maize futures regained some of the losses following the release of USDA stocks data and were $150.79/t at close on Tuesday, up $2.66 week on week. The pace of EU soft wheat exports increased last week, bringing the cumulative figure to 2.2Mt above this point last year. The boost in sales was helped by the euro falling to a fortnightly low against the dollar, increasing EU export competiveness. Mild spring weather in Ukraine and Russia is helping to make up for the dry autumn conditions, leading to Russian Agricultural Consultancy IKAR upgrading Russian wheat production this season to 56Mt, from 50Mt forecast back in January.
Chicago May-15 soyabean futures prices dropped to $356.75/t by close on Tuesday, down $0.82 on the week. UK rapemeal (34%, ex-mill, Erith) was £184/t last Thursday, down £4 since the previous week. Brazilian soyameal, (48%), ex-store Liverpool was £330/t, up £6 week on week. The latest forecast from the Buenos Aires Grains Exchange now pegs 2014/15 Argentine soyabean production at 58.5Mt, up 1.5Mt from the previous forecast, with higher yields cited as the main reason. The USDA’s Prospective Plantings report revealed that US farmers are expected to plant a record area to soyabeans in 2015, while US soyabean stocks as at 1 March 2015 were the highest since 2012.
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