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Weekly Straights Update: 16th May 2024




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

Due to urgent work planned in Fyfield by Scottish and Southern Electricity Networks, we will have no power throughout the day on Friday 17th May and have, therefore, regrettably taken the decision to close the office for the day. It will not be possible to provide a service without power, however, there will be a facility in place whereby you can leave telephone messages, however PLEASE NOTE, these will not be acted upon until Monday 20th May.

 

As a result of the above, the cut-off for all orders will be 4pm on Thursday 16th May, so please bear this in mind, especially if you are looking for a delivery by Monday 20th May.

 

Apologies for any inconvenience.


Click on a product name for more information


  • The monthly WASDE update had little impact on prices with the Argentinian crop left unchanged at 50MMT and the Brazilian crop reduced by 1MMT to 154MMT.

  • The predicted global carryout for 24/25 is heavy at 128MMT

  • Nearby tightness in the market remains, with strikes continuing in Argentina hampering logistics and flooding in Brazil slowing harvest.

  • Weather will continue to remain a focus of the market as attention now turns to the US plantings and although it’s early days, some regions are experiencing heavy rains.

  • Funds short-covered for another week, with 44,000 meal contracts bought in one week alone.

 

  • A technical market in the nearby as UK crushers begin to plan for a long shutdown period in June as maintenance takes place.

  • Some south coast imported rapemeal is being offered spot – July, but at a hefty premium.

  • A large premium is priced in the market for Feb 25 onwards as suppliers are unsure of demand with soya not yet being an option, January onwards.


  • Prices have followed the general trend and have risen this week, however they remain the cheapest commodity and are very competitive against sugarbeet.


  • The domestic supply issues that have been experienced of late seem to be mostly over, with material being offered in the next couple of weeks, despite ethanol margins remaining tight.

  • Some better offers on imported material mean distillers compete against rape in winter positions.


  • Domestic offers for the summer continue to look pricey vs soya hulls, with very little imported material being offered.

  • Imported material is being offered for the winter at somewhat of a discount to the summer, this may become a popular option is soya hulls cannot be offered beyond Dec 24.

 

  • Global markets continue to firm, driven by weather markets and funds short-covering.

  • A rally of +£6.40 on the Nov futures was seen on Monday, however by Tuesday evening they were back £7, suggesting these big market swings cannot be sustained for too long.

  • There are still concerns over Russia’s crop which have been hampered by poor weather.

  • The rest of Europe’s crops have also suffered recent wet and cold conditions.

  • India may also have to import due to poor crops.


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

Children on long car  journeys are more likely to grow up to be rich and successful if they sit in the middle seat and The Mr Men were created by Roger Hargreaves after his son asked what a tickle looked like.



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


Livestock Straights Feed Prices


 

Historical Product Prices​

  • You can look back at previous product prices here

  • Use the filters below to select the Product and the Date





 

Spot Price Trends 01/01/21 to 15/05/2024 (£/t)

  • 'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $





 

Currency Trends as of 15/05/2024. Blue = GBP:USD. Red = GBP:EUR




 

Applications and Data Analytics for Orion developed by Demand Economics Ltd.


 

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