The figures in the charts are an indication only and reflect levels traded on Wednesday.
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A similar story to previous weeks, as markets pushed higher before giving back the gains in part due to the concern around retaliatory tariffs.
Help to ease prices was much needed rains across 60% of the soybean acres in Argentina.
Further rains are also forecast for the coming week.
Brazil is still getting rain a bit too frequently to really press on with the harvest now at 15% complete vs 23% this time last year.
Funds did also reduce their short position further.
The upcoming USDA WASDE report is expected to cut the Argentinian crop from 52MMT to 50.49MMT and increase the Brazilian crop from 169MMT to 169.64MMT, though private estimates are around 170MMT.
For the time being this continues to be a weather market.
Week-on-week prices remained fairly stable, though prices were seen to track soya higher, before retreating into the end of the week.
Erith suffered a breakdown earlier in the week and as a result cancelled 2 days of collections, which provided a bit more support to nearby levels.
However there is a reasonable amount of imported material across the county, so shippers couldn’t get too greedy…!
Overall, imported has not been competing as well in some areas as before, as Europe is starting to buy up some of the cheaper Canadian material.
Values vs soya crept up a little.
Still the same story as nearby hulls are very tight, with next to no availability until shipments arrive in April and May.
It feels like summer levels have been dragged higher by the nearby availability issues.
US production of distillers has increased in the last week, as better weather allowed for more production and also margins improved slightly.
Us distiller exports were up 12% month on month for December and as a result 2024 was the second highest year for DDGS exports at 12.22MMT.
Prices for maize distillers products remain supported nearby by poor availability, (plenty of global demand for them) and also further forward due to the higher maize prices currently.
Wheat distillers remain in very limited supply with no availability nearby and limited availability for the summer.
Shippers have focussed in bringing imported product into Scotland, instead of the Humber, as there is a gap in the market left by Strathclyde ceasing dried distillers production.
Still no home produced offer for the rest of the winter/summer and it seems that perhaps Trident have oversold themselves.
There is limited sugarbeet in some ports for the next couple of months, but as yet no summer shipment programme, though this may change if they feel demand justifies it.
Potentially it could still look pretty expensive vs soya for the summer, so may not be worthwhile.
London wheat futures moved up a pound or two, still seemingly rangebound.
Globally, markets moved higher, which was spurred on by weather concerns in the Black Sea region.
Similarly to the US in previous weeks, lower temperatures are forecast in the Black Sea region over the coming weeks and snow cover is lower than would be liked at this time of the year, so the risk of winterkill is higher.
Additionally, a drier autumn has put Ukrainian soil moisture at a 7 year low.
Black Sea grain remains competitive against Western European grain, despite price increases.
This seem likely to be the cause for London wheat futures being stuck in a range, as pushing higher could just provide more of a market for imported grain, although farm selling remains relatively limited on these lower levels.
And finally, totally irrelevant but quite interesting facts of the week…….
The real name for a hashtag is an octothorpe and lemons float in water, limes sink.
Notes:
All data in this report are provided by KW. 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
Historical Product Prices
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Spot Price Trends 01/01/21 to 12/02/25 (£/t)
'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 12/02/2025. Blue = GBP:USD. Red = GBP:EUR
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