Feed market update - 29 July 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
Improved weather conditions across the US Corn Belt led to bearish forces for both US maize and wheat futures prices last week. The downward momentum was similarly felt for Nov-15 UK feed wheat futures, which closed at £122/t, down £1.50 in comparison to the previous week. In Europe, there remains a question mark hanging over EU maize production potential as a result of less than ideal weather. However, early results from the European winter and spring barley harvests have been better than expected. Grain exports from Russia during the first half of July were almost 60% lower than last year, according to The Russian Federal Customs Service.
Nov-15 Chicago soyabean futures closed at $347.10/t on Tuesday (28 July), down $22.04 week on week, and it was also a bearish week for Paris rapeseed. In the UK, soyameal (Brazilian, 48%, ex-Store Liverpool) was £298/t on Friday (24 July), down £6 on the week. Global rapeseed production is going to be lower this year but currently so are the prices. In Europe, the market is trying to get a grasp of the size of the crop with harvest progressing, while Canadian canola (rapeseed) expectations have been further reduced. In contrast, in the US, better weather conditions and poor export sales mean soyabeans are adding downward price pressure to the oilseed market.
To read more about the latest developments in the feed market click here.