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Bethan Wilkins

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AHDB Pork Market Intelligence

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Feed market update - 9 September 2015

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Read our latest summary of developments on global markets for cereals and oilseeds.

UK Nov-15 wheat futures closed at £111.90/t on Tuesday (8 September), down £2.10/t week on week. Furthermore, on Thursday (3 September) the contract reached another new low of £110.50/t. Chicago (Dec-15) wheat futures followed the trend and closed at $174.52/t, down $4.13/t on the week. However Chicago maize futures prices (Dec-15) recorded a smaller decrease on the week closing at $144.98/t compared to $145.28/t a week earlier. In recent days however, international grain futures prices have increased, supported by expectations of a cut to US maize and soyabean yields by the USDA in Friday’s (4 September) report.

UK harvesting slowed down last week, due to wet weather, with 60% of the combinable crop area cut as at 1 September. In the latest harvest report by ADAS, prolonged delays in some regions have resulted in lodging and blackening of remaining wheat and spring barley crops.

Chicago (Nov-15) soyabean futures prices closed at $323.04/t on Tuesday (8 September), up $1.93/t week on week. However in the UK as at 7 September UK, rapemeal (34% ex-mill, Erith) averaged £169/t down £3/t week on week. Similarly Brazilian soyameal was £285/t, down £3/t since the previous week. Informa Economics have raised their US soyabean yield estimate to 3.16t/ha from 3.06t/ha previously. Nevertheless, uncertainty remains around the harvest area estimate with Informa not expecting the USDA to change the official figure until the October report.

To read more about the latest developments in the feed market click here