Feed market update - 4 November 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
UK feed wheat futures prices (Nov-15) closed down on the week by £1.70 at £113.20/t on Tuesday. Nevertheless, Dec-15 Chicago wheat futures prices increased week on week, following early 2016 wheat crop concerns in the US and Australian quality worries. Chicago maize futures prices closed marginally down on Tuesday compared to a week earlier. World wheat production in 2015/16 was forecast 1Mt lower than a month ago at 726Mt by the International Grains Council (IGC) in their latest market report released on Thursday. Meanwhile, the latest forecasts from the European Commission, released yesterday, show an increase in European soft wheat production for 2015/16. The IGC revised world maize production for 2015/16 up in October’s market report, while the European Commission revised its forecast for this year’s maize harvest down from September’s forecast.
Jan-16 Chicago soyabean futures prices closed down on the week by $4.41 at $322.94/t on Tuesday. However, Paris rapeseed futures (Feb-16) closed at €381.50/t, up by €4 compared to the previous week, partly due to the euro weakening against the US dollar. UK rapemeal (34%, ex-mill, Erith) prices were £163/t as at Friday, down by £3 week on week. Brazilian soyameal (48% ex-store, Liverpool) also decreased £7 Friday to Friday to £273/t. Hi-pro (ex-store, East Coast) soyameal prices were at £258/t on Friday, a £4 decrease on the week. The IGC increased its global soyabean production forecast but it doesn’t expect global stocks to get heavier, due to increased crush demand in the US and EU. The same report also recorded a stable EU-28 winter rapeseed area for harvest 2016.
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