The figures in the charts are an indication only and reflect levels traded on Wednesday.
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The recent USDA report announced an unexpected cut in soybean meal to 51.7MMT.
It was anticipated that this would firm the market a little, but it appears seemingly unaffected and continues to ease back as it has been doing for a while now.
With Trump being re-elected in the US, issues could arise if he begins to enforce tariffs as he has threatened, so things are very much up in the air until he settles into the White House.
Overall the market is the most competitive it’s been for quite some time, however there is a worry that people may fall foul if they wait it out for ‘the bottom’.
Rapemeal has been falling as it follows the weakness of the soya market, as it doesn’t have its own fundamentals at the moment, so it doesn’t look like it will be going up any time soon.
There would need to be change somewhere for prices to firm, however there are likely to be freight issues at some point which could turn prices around.
Erith still have plenty of available material to sell, however demand will really start to kick in going through the winter and the onset of colder weather.
Overall rapemeal is the cheapest it been for a long time, but like soya, it may catch people out if they wait for ‘the bottom’.
The market does seem to be trading a few pounds lower.
There could be bearish news if the US releases better crush figures, however downward movement seen here could also be offset by weaker sterling.
There have been murmurs of a drought in Argentina where plantings are due to start in December.
If this proves to be the case, there could be more upward pressure on the market.
Distiller still feel good value and are probably somewhere near the bottom.
Nearby issues will be freight.
The market is just waiting for a direction and there could be a correction coming soon.
Cefetra have been pricing this in for a while which has made them not as competitive.
One consideration is that with limited importers, if the shippers don’t have tonnes in the book, their shipping programme will only cater for known demand.
The sugarbeet market continues to roll on very much unchanged with little to no trade on the import market.
Domestic demand remains satisfied by homegrown material, with the UK forging ahead with exports.
Overall the market is extremely neutral with no bearish or bullish news to affect levels either way.
The market seems relatively neutral, favourable weather in the Black Sea regions and steady EU wheat exports could help keep a lid on prices in the short term.
But following the USDA, the reduction in winter wheat conditions and lower production in both Russia and Argentina could support prices going forward.
The USDA reported lower world barley production, mainly on the back of Russia’s production being cut.
This could support prices going forward, especially last year’s poor UK crop.
And finally, totally irrelevant but quite interesting facts of the week…….
The world’s most expensive earrings were sold at auction in Geneva for $56,290,627 and there were 473 bananas in the world’s largest bunch of bananas.
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 13/11/2024 (£/t)
'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 13/11/2024. Blue = GBP:USD. Red = GBP:EUR
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