Feed Market Update - 11 February 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
After a stable week with relatively little price movement, May-15 UK feed wheat futures closed on Tuesday (10 Feb) at £124.25/t, £1.80/t down on the week. This mainly reflects the latest USDA report forecasting another rise in global end of season stocks. There was bullish news for the EU on the trade front with more tenders won and the weakness of the Euro contributing to wheat export commitments now once again ahead of last year’s record pace.
From a new crop perspective reports were generally positive, although markets continued to react to changing weather reports. The FAO described early indications for 2015 crops as ‘favourable’ but there is still a long way to go and spring crops, including the world’s dominant feed grain maize, are still to be planted.
UK rapemeal (34%, Ex-mill Erith, December delivery) was £189.00/t on 6 Feb and showed no change from the week before. On the same date soyameal (48%, Brazilian Ex-store Liverpool, nearby delivery) was £340.00/t, down £3.00/t on the week before. However, the dry January appears to have taken its toll on the Brazilian soyabean harvest with local analysts cutting their forecasts. However, this could be offset by increases to Argentine production.
To read more about the latest developments in the feed market click here.