Feed market update - 12 August 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
UK Nov-15 feed wheat futures closed at £119.25/t on Tuesday, up £1.01 on the week. Chicago (Dec-15) futures prices also increased marginally and maize futures prices followed a similar trend. The European wheat harvest has continued to make progress over the past week with rapid advancements in Germany and France. In the UK, 29 July - 4 August was largely dry and 50% of the winter barley area has now been harvested. The wheat harvest has just begun and was 1% complete as at 4 August. Dry weather in Russia has lifted hopes for the size of the wheat crop, further increasing competition in export markets, where the UK was already struggling to compete. For maize, the outlook has not been so positive in the EU, as crop conditions in France continued to decline, as hot weather stressed crop growth.
As at Friday, Brazilian soyameal (48%, ex-Store, Liverpool) was £288/t, down £8 week on week. US soyabean prospects have remained in focus this week, with the key yield forming period well underway. Weather forecasts varied regionally but generally were taken as slightly supportive to prices. As at 4 August, according to the latest ADAS Harvest Report – the harvest of winter oilseed rape was 35% complete in the UK. Harvest progress is in line with the five-year average and ahead of last year. The majority of crops look clean, with low levels of lodging and pod shatter. Some crops have been slow to ripen.
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