Orion Farming Group Weekly Straights Update: 4th June 2026
- Joe Cobb
- Jun 4
- 3 min read
The figures in the charts are an indication only and reflect levels traded on Wednesday.
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Grain and oilseed supplies are abundant globally and there are a few weather risks offering a long-term threat now.
Meaning a downward trend on futures going forward, or at least until the seasonal weather market is hit in the US later this summer.
US plantings have reached 87% complete, while this season’s first crop condition ratings came in at 66% good/excellent.
Crude oil prices gained on concerns about a shaky ceasefire and rising hostilities in the Middle East and the rally helped to propel soy oil to a four-year high.
Soybean futures drifted lower on continued silence from China, fund selling and favourable US weather trends.
Soybean export inspections last week were above the USDA’s weekly target, but China’s silence on any trade agreement with the US and how it might impact purchases are still weighing on export sentiment.
Argentinian farmers are finally starting to sell on the announcement that export tariffs are to be slashed from Jan 27, not Jul 26 as expected.
This should encourage crush and pressure prices going into the summer.
Spot meal prices in the UK have weakened due to lack of demand and prices looking to stay in line with soya to remain competitive.
Crush margins are lower for rapeseed than soybeans, so higher imported meal prices are expected to be seen than the domestic crush as crush plants in Europe swap to soybeans.
The longer-term supply picture has a more bullish tone.
Late frosts in Poland and Romania looked to have trimmed yields below last year’s levels, while an Australian drought scare and delayed planting in Canada are adding further support.
Increased Argentinian farmer selling due to clarity on the export tax position.
Crush activity picking up, increasing supply.
Nearby supplies still tight but should improve heading into the summer.
Winter positions somewhat unclear due to EUDR as this will have logistical implications for Europe.
Indications are that Argentinian farmers starting to sell and the prospect of sugar beet competing seems a big stretch.
Still no news week on week as to whether Ensus will run beyond July.
US DDGs production hit a five-year seasonal low last month as did corn gluten, which increased domestic use of soymeal in feed rations.
This will continue to support prices.
Imported wheat distillers are mostly sold out for the summer.
No Change on the sugar beet front.
Imported material remains unoffered and home-produced availability is absent.
Where price indications do exist – circa £280/T – they look expensive relative to alternatives.
Geopolitical uncertainty remains a key market driver with ongoing concerns around the Strait of Hormuz and US-Iran discussions supporting commodity values.
Recent rainfall across the UK has been beneficial following earlier hot conditions supporting crop development and yield potential.
Harvest is currently estimated to be a week ahead of schedule although recent rainfall may influence timings.
Activity in the bioethanol sector will be closely watched as continued demand into the new season could significantly affect the UK balance sheet.
Similar conditions are being seen across much of Europe, while the US Plains remain a weather market to watch.
Questions remain over future fertiliser cost and availability, particularly for new crop production/
Decisions on future applications could influence global yield potential and additional inflationary pressure across global grain markets.
The Southern Hemisphere is likely to be particularly affected due to low levels of fertiliser cover and greater exposure rising input costs.
And finally, totally irrelevant but quite interesting facts of the week…In 2011, Australia minted a giant ‘A$1 million’ gold coin. It weighed over a ton and used gold worth A$52 million and Polo mints release light when you snap them.
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
