Orion Farming Group Weekly Straights Update: 11th June 2026
- Joe Cobb
- Jun 11
- 3 min read
The figures in the charts are an indication only and reflect levels traded on Wednesday.
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Another bearish factor over the past week has been talk of reduced demand.
Chinese soya stocks are up 70% vs this time last year.
There have been no purchases by them from the US in the past week, though there was a flash sale in the US on Monday to an unknown destination for 264,000T of beans for the 26/27 season.
In the US 92% of the soybean crop has been planted, condition ratings were down 1% to 65% good/excellent.
US crush is up 8.7% y-o-y.
Argentine soya values continue to drop as vessels are moving and the supply pipelines are easing.
In part this has come from announcements of export taxes for soybeans, which has encouraged farmers to sell.
They’re not due to come in until next year, so farmers have no incentive to hold onto beans.
Export taxes are currently 24% and will be cut on a monthly basis throughout 2027, reaching 21% at the end of next year and by 15% by the end of 2028.
Given the price drops seen in the past couple of weeks, CBOT values are approximately $5-10 above the lows of last summer.
The physical price remains higher than last year, in part due to higher shipping costs and also higher Argentinian premiums than last year.
Whilst China remains quiet on the buying front, if they were to come back into the market to appease the US, CBOT values could move higher again.
Prices dropped back tracking soya.
European markets cut meal values in order to remain competitive against soya and they seem keener to get sales on for meal going forward to lock in improved crush margins.
Canadian canola futures continue to push higher supported by poor weather conditions and also strong demand for veg oils.
There is a view that hot weather across Europe may be damaging to rapeseed crops and this is factoring into the seed rally.
Crude oil values are also keeping veg oil prices supported which will aid in keeping meal prices reduced to an extent.
It looks likely UK-crushed meal will continue to outcompete imported values.
Logistics from Argentina are beginning to ease up due to a combination of farmer selling, increasing crush and shipments beginning to move.
This is helping to keep prices under some pressure but there will be increased demand in the UK for hulls moving through the year due to the smaller and more expensive Sugarbeet crop.
This will be the case across other countries so a collapse in prices is unlikely as demand will be higher globally.
North American hulls are also favourable with premiums not unreasonable.
No news on whether Ensus will receive continued support from the government to run beyond July.
Imported prices took a tumble in line with wide agricultural markets but supply is likely to stay tighter, so may provide a base to prices due to strong US demand and reduced production of dried product for export.
No further change on the Sugarbeet market with the odd price floating around but circa £290-300/T, which looks expensive compared to other fibre options.
New crop values are unknown but given the crop reductions that are anticipated, price drops from last year are unlikely.
London wheat futures took a hit last week in line with global prices, as US crop conditions maintained and harvest began in earnest.
US spring wheat conditions are better than winter wheat as they have benefitted from recent rains, (52% good/excellent vs winter at 25%).
The heatwave in France has resulted in a downgrade of wheat conditions to 76% good/excellent.
Russia’s wheat crop was increased by 1.5MMT to 91.5MMT.
And finally, totally irrelevant but quite interesting facts of the week…At the 1932 Olympics, the 3,000-metre steeplechase was run over 3,400 metre because an official lost count of the number of laps and termites like the smell of biro ink.
Notes:
All figures in this report are provided by KW and commentary by GLW Feeds. Price indications are based on 29t bulk tipped loads delivered to Oxfordshire and are guide prices only.
For firm prices and availability, please contact Joe Cobb on 01865 393 139
Currency Trends as of 3 June 2026.26 Blue = GBP:USD. Red = GBP:EUR
