The figures in the charts are an indication only and reflect levels traded on Wednesday.
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Strikes have come to an end and crushing in South America has resumed, with an estimated 1MMT lost through the disruptions.
Ideal growing conditions and a lack of Chinese demand means the soya complex continues to weaken.
The August USDA report increased the yield from 52 bushes/acre to 53.2, resulting in net ending stocks increasing from 435 million bushels to 560 million.
The USDA also found 1 million more acres.
South American weather is a watch point as their new crop planting window approaches.
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Prices remain elevated going forward and producers are still trying to manipulate the market by keeping prices up.
This could lead to demand being missed and users switching to other mid-proteins that look better value.
Weather conditions remain critical going through August’s LSEG forecast for Canada’s 24/25 was maintained at 18.5MMT which is below the USDA’s July estimate of 20MMT.
Argentinian strikes have now been called off, the after-effect however has meant a drop in crush activity and some potential delays with logistics.
Demand in the UK seems to have picked up slightly with hulls being an excellent value fibre source.
US mandates will require more ethanol production, resulting in more imported distillers.
With wheat, maize and oil prices looking weaker after Monday’s report, there is little upside on price and should come under more pressure.
Week on week there hasn’t been much change as the market remains stagnant with no demand.
Importers continue to send material elsewhere other than the UK.
Levels will need to ease drastically for it to become a realistic option for many rations.
Domestic wheat futures followed global prices down.
Wheat prices were generally pressured by cheaper supplies from the Black Sea and re-positioning ahead of the USDA report.
Wheat production this season in the US and EU was cut in the report.
However, the increases projected for Australia and the Ukraine outweighed the cuts, leaving production by major exporters up slightly from last month’s report.
World ending stocks of wheat for the 24/25 season is projected to reach 256.6MMT, down 0.6MMT from July’s estimate and relatively in line with the average.
​And finally, totally irrelevant but quite interesting facts of the week…….
The dome of the Taj Mahal is held together with sugar, fruit juice and egg whites and driving a car for 12 miles has the same carbon footprint as one ‘all-day breakfast’ sandwich.
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 14/08/2024 (£/t)
​'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 14/08/2024. Blue = GBP:USD. Red = GBP:EUR
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