Orion Farming Group Weekly Straights Update: 21 November 2025

Orion Farming Group
Nov 21, 2025
3 min read

Updated: Nov 20, 2025

The figures in the charts are an indication only and reflect levels traded on Wednesday.

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Hipro Soya

The USDA WASDE cut US soybean yields from 53.5bpa to 53bpa which was widely expected by the market and had already been priced in. It also brought a cut to US exports.
A bigger surprise was the release of US daily sales report from October through to present which showed just 12.2 million bushels sold to China, vs the 440 million they had pledged to buy by the end of the year.
US crushing figures are strong, with a new monthly record for October and expectation of a 4.5% increase y-o-y for the US, due to strong biofuel/soy oil demand.
Argentinian planting has reached 12.9% complete, but still 3% behind the 5 year average, due to excess water in some regions.
Brazil is around 96% complete, more in line with previous years.
Rainfall for the next month looks on the low side for Argentina, but Brazil looks better, which could provide a further bullish story if it doesn’t improve over the coming months.
There are rumours circulating there may be another EUDR announcement, (potentially a delay for 12 months again), nothing official as yet, but there’s been a large amount of lobbying from various member states over the past few weeks.
Currently Europe is stocking up heavily with soya ahead of January, when the regulation is due to come into force.
A reminder though that this still has to be voted on, otherwise the regulation as it stands will come into force regardless.

Rapemeal

Rapemeal stayed relatively steady with slightly lower prices into the week.
The increasing rumours around EUDR delays has put uncertainty into the market, with minimal trade across European markets as everyone waits to see what might happen.
As soya had a more volatile week, rapemeal values actually look better value against soya now.
Liverpool sits at 68% of the soya price for winter and 67% for summer, Erith is at 61% for winter and 57% for summer.

Soya hulls

No movement through the past week with supply a little easier now, as shippers have managed to secure additional tonnes for the winter.
Prices still offer good value vs other fibre options, especially with PK expeller picking up in price now.

Distillers

Imported maize distillers prices moved higher week-on week, whilst wheat distillers came back a little, as shippers look to find pricing that will secure some interest, especially on the further forward positions.
Wheat distillers still looks pretty expensive against other options.
US prices for maize distillers at origin moved a little higher, as ethanol production dipped back from the previous week’s high and plants increase the amount of distillers not being dried and being sold domestically as a moist product.
Also the margin remains just into positive territory, so they’ll be looking to make more from the distillers where possible.
Still no fresh news regarding the future of Ensus.

Sugarbeet

Unchanged market again with no fresh news and the same situation of limited supply for home produced but also lack of demand given the high prices.

Wheat/Barley

As with previous weeks, futures prices came under pressure but physical prices in the UK didn’t move much - with barley hard to come by, as sellers hold onto grain unless they get an above market value or need the cash.
There’s been increased competition from Black Sea origins for EU exporters and some harvest pressure from Argentina and Australia.
Overall supplies look good which was backed up by the USDA increasing output for most of the major exporters in their WASDE report on Friday.
Any support to US prices has been mainly coming from the soybean market.

And finally, totally irrelevant but quite interesting facts of the week…….

There is only one stop sign in the whole of Paris and the name sign of the town Lost in Aberdeenshire is the only one in Britain that is welded to its pole.

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.

The figures in the charts are an indication only and reflect levels traded on Wednesday.

​Click on a product name for more information

Hipro Soya

The USDA WASDE cut US soybean yields from 53.5bpa to 53bpa which was widely expected by the market and had already been priced in. It also brought a cut to US exports.

A bigger surprise was the release of US daily sales report from October through to present which showed just 12.2 million bushels sold to China, vs the 440 million they had pledged to buy by the end of the year.

US crushing figures are strong, with a new monthly record for October and expectation of a 4.5% increase y-o-y for the US, due to strong biofuel/soy oil demand.

Argentinian planting has reached 12.9% complete, but still 3% behind the 5 year average, due to excess water in some regions.

Brazil is around 96% complete, more in line with previous years.

Rainfall for the next month looks on the low side for Argentina, but Brazil looks better, which could provide a further bullish story if it doesn’t improve over the coming months.

There are rumours circulating there may be another EUDR announcement, (potentially a delay for 12 months again), nothing official as yet, but there’s been a large amount of lobbying from various member states over the past few weeks.

Currently Europe is stocking up heavily with soya ahead of January, when the regulation is due to come into force.

A reminder though that this still has to be voted on, otherwise the regulation as it stands will come into force regardless.

Rapemeal

Rapemeal stayed relatively steady with slightly lower prices into the week.

The increasing rumours around EUDR delays has put uncertainty into the market, with minimal trade across European markets as everyone waits to see what might happen.

As soya had a more volatile week, rapemeal values actually look better value against soya now.

Liverpool sits at 68% of the soya price for winter and 67% for summer, Erith is at 61% for winter and 57% for summer.

Soya hulls

No movement through the past week with supply a little easier now, as shippers have managed to secure additional tonnes for the winter.

Prices still offer good value vs other fibre options, especially with PK expeller picking up in price now.

Distillers

Imported maize distillers prices moved higher week-on week, whilst wheat distillers came back a little, as shippers look to find pricing that will secure some interest, especially on the further forward positions.

Wheat distillers still looks pretty expensive against other options.

US prices for maize distillers at origin moved a little higher, as ethanol production dipped back from the previous week’s high and plants increase the amount of distillers not being dried and being sold domestically as a moist product.

Also the margin remains just into positive territory, so they’ll be looking to make more from the distillers where possible.

Still no fresh news regarding the future of Ensus.

Sugarbeet

Unchanged market again with no fresh news and the same situation of limited supply for home produced but also lack of demand given the high prices.

Wheat/Barley

As with previous weeks, futures prices came under pressure but physical prices in the UK didn’t move much - with barley hard to come by, as sellers hold onto grain unless they get an above market value or need the cash.

There’s been increased competition from Black Sea origins for EU exporters and some harvest pressure from Argentina and Australia.

Overall supplies look good which was backed up by the USDA increasing output for most of the major exporters in their WASDE report on Friday.

Any support to US prices has been mainly coming from the soybean market.

And finally, totally irrelevant but quite interesting facts of the week…….

There is only one stop sign in the whole of Paris and the name sign of the town Lost in Aberdeenshire is the only one in Britain that is welded to its pole.

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 19/11/2025. Blue = GBP:USD. Red = GBP:EUR

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