Feed market update - 21 October 2015
Read our latest summary of developments on global markets for cereals and oilseeds.
Nov-15 UK feed wheat futures closed at £112.50/t on Tuesday, £4.50 down on the week. Chicago wheat and maize futures (Dec-15) followed the downward trend. Last week Strategie Grains increased it’s 2015/16 EU wheat production forecast by 2Mt, to a record 149.5Mt, with wheat stocks also revised higher. Defra released more details about UK cereals and oilseeds production on Tuesday, after having delayed this information from the original scheduled publication (15 October) to undertake additional quality assurance checks. Defra’s estimate for UK 2015 wheat production was revised up compared with their earlier release by 42Kt to 16.17Mt, while barley output was revised marginally down by 5Kt to 7.28Mt. The provisional data shows that UK wheat, spring barley and winter barley yields reached new records in 2015.
Chicago soyabean futures prices (Nov-15) closed at $329.19/t on Tuesday, $6.61t down on the week. Nov-15 Paris rapeseed futures were also down but UK rapemeal (34%, ex-mill, Erith) prices increased for the second week running as at Friday, up by £4 week-on-week to £168/t. Brazilian soyameal (48% ex-store, Liverpool), followed the upward trend, up by £3 to £280/t. Hi-pro (ex-store, East Coast) soyameal prices were at £269/t on Friday. In Brazil, one of the top global producers, soyabean crop planting was 13% complete as at 16 October and further rainfall is forecast, which should help plantings progress further.
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