Feed market update - 16 September
Read our latest summary of developments on global markets for cereals and oilseeds.
UK Nov-15 feed wheat futures closed at £113.50/t on Tuesday (15 September), up £1.60/t week on week. Furthermore Chicago Dec-15 wheat futures increased on the week by $7.26/t on Tuesday (15 September), closing at $181.77/t. Chicago maize futures prices (Dec-15) also followed the upward trend closing at $153.74/t on Tuesday, $8.76/t up week on week. Last Friday (11 September), the USDA released the latest world agriculture supply and demand estimates (WASDE), which had been the main focus of markets last week. Wheat output estimates were increased by 5.1Mt to 731.6Mt, taking 2015/16 production to 6Mt higher than last season. In line with expectations, US maize production estimates have been reduced by 2.5Mt from August to September, due to lower estimated yields. EU maize production was also decreased by 4.3Mt, cutting the total world maize output for 2015/16 by 7.5Mt to 978.1Mt.
Chicago (Nov-15) soyabean futures prices closed up on Tuesday (15 September) at $326.62/t, $3.58/t up week on week in response to the latest USDA supply and demand estimates. Nov-15 Paris rapeseed futures prices were also up on Tuesday, by €3.50/t on the week closing at €367.50/t. However in the UK, as at 11 September, UK rapemeal (34% ex-mill, Erith) was down for the second consecutive week, at £164/t, £5/t down week on week. It was a similar story for Brazilian soyameal. The latest USDA supply and demand report increased projected US soyabean yields but regardless of this the estimate of world soyabean production has been revised downwards from 320.1Mt in August to 319.6Mt in September.
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