Feed market update - 17 February 2016
Read our latest summary of developments on global markets for cereals and oilseeds.
UK feed wheat futures prices (May-16) closed £1.30 up on the week at £106.80/t on Tuesday. May-16 Chicago wheat and maize futures prices also closed up on the week. UK grain exports have started to accelerate. In December, the UK exported over 250Kt of wheat, the highest monthly figure since February. Wheat exports totalled just under 988Kt over the six month period July-December. This is not quite reaching the “1Mt by Christmas” mark that the market talked about but is still 50Kt more than the previous year. Exports of barley in the first half of the season were also higher than previous year. The data also showed that the UK imported less maize in December but season to date imports are at 969Kt, which is 31Kt more than the same point in 2014/15.
May-16 Chicago soyabean futures prices closed up on the week on Tuesday at $324.27/t, a total increase of $5.60. Following a similar trend, Paris rapeseed futures (May-16) also closed up. As at Friday, UK rapemeal (34%, ex-mill Erith) for March delivery was £142/t, a drop of £3 from the previous week. Brazilian soyameal (48% ex-store Liverpool) for March delivery recorded a weekly decrease of £4, to £257/t, on Friday. Heavy rains in Brazil due to El Nino have caused a bottleneck in the number of ships waiting to load soyabeans and maize. The total volume waiting to be exported was estimated at 9.73Mt (approximately 163 ships). This time last year only 4.1Mt or 66 ships were waiting to be loaded.
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Isobel Robinson, Trainee Analyst
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