The figures in the charts are an indication only and reflect levels traded on Wednesday.
*** There will not be a weekly straights update for the next two weeks***
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Premiums firmed on the nearby in South America sparking some buying interest, but with plenty of soya forecast and a bearish USDA report it seems to be the ‘go to’ for protein in price comparison, with some of the lowest prices seen for a long time.
The weather in the US will continue to be a watchpoint.
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With little fresh news poor crop conditions continue to keep prices up.
Rapemeal is still dominated by the soya market, with soya prices softening, rapemeal will have to fall, but as a protein they still look expensive at cheaper values.
The EU could ramp up their rapemeal usage due to EUDR legislation, this could mean there will be higher exports out to the EU as they will be the better paying market, due to fewer regulations surrounding feeding soya in the UK.
As the summer continues, the carriage between November, December and January will narrow due to a lack of haulage.
Crush margins are still looking at soya as it’s making more per tonne.
Levels remained firmed a little nearby, but eased back on forward levels due to better currency.
South American crush remains slow as farmers are still hesitant to part with their beans.
As mentioned in previous weeks they still look good value against other fibres.
Prices have stabilised off the back of rape coming back, but they are still pricing themselves competitively.
Imported material for the winter still has the potential to fall further, however if liquidity dries up this could change quickly.
Ensus is under pressure on the nearby.
Due to increased ethanol requirements in the US there should be plenty of imported material.
No change week on week, plenty of home produced around and new crop is also expected to be good.
Imported product available now but looks expensive and there isn’t expected much to be imported this winter.
The global grain market was pressured last week.
Competitive Black Sea supplies continue to weigh on global grain prices.
Poor crop conditions in western Europe remain a key focus in grain markets and the wheat quality has been mixed in France.
There was minimal reaction following last week’s USDA report.
US and EU wheat production was cut in the report, however Australia and Ukraine’s estimates were increased.
Overall this meant world wheat ending stocks tightened slightly, but this is expected to happen.
​And finally, totally irrelevant but quite interesting facts of the week…….
A supersonic flypast at Ottowa’s new airport in 1959 shattered all the glass in the buildings and delayed the opening for a year and mentioning guacamole on your dating profile gets you 144% more responses.
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
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Spot Price Trends 01/01/21 to 21/08/2024 (£/t)
​'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 21/08/2024. Blue = GBP:USD. Red = GBP:EUR
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