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Weekly Straights Update: 4th July 2024




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

Click on a product name for more information


  • There has been little change in futures over the past week.

  • Flooding has hit the US Midwest and there are reports of flooded rail lines and difficulties loading barges on the overflowing Mississippi.

  • This however seems to have been offset by the premiums in South America easing.

  • With August being a crucial growing month for soybean production, sufficient moisture is required to increase overall yields, so the weather is something to watch.

 

  • Overall market levels remain artificially high due to potential EUDR.

  • Rapemeal has rallied off the back of rapeseed prices, owing to lower yields of seed across Europe, particularly in France and Germany.

  • Nearby demand is low.

  • Having said that levels will have to ease in order for rapemeal to be a competitive protein option.


  • With logistics at origin continuing to cause problems with imports into the UK, the availability of hulls is expected to tighten towards the end of August.

  • This coupled with an already firming market suggest hulls are worth serious consideration.

  • Despite the firming market it still remain a good value fibre option.


  • Domestic material continues to flow well, however shippers report a struggle to engage.

  • Levels across the board look generally expensive with home produced less so than imported.

  • That being said, imported maize distillers do look better value than wheat.

  • The market remains volatile and very much hand to mouth, where forward prices will depend on what the rapemeal market does.


  • The market continues to remain stagnant, with it making better financial sense for shippers to send product to non-UK destinations.

  • Home produced material remains available in abundance, with no anticipated shortages.

  • Overall sugarbeet still looks expensive vs other fibre options.


  • Global wheat markets were overall pressured slightly last week.

  • On Thursday, Statistics Canada released its latest acreage report showing that Canadian farmers had planted 1.5% less wheat and 10.5% less barley for the 2024 harvest than had been intended back in March.

  • Despite forecasts of a global decline in wheat stocks over 23/24 and 24/25, US wheat stocks at the end of 23/24 were estimated up 23% on the year at 19.1MMT.

  • Northern hemisphere crops remain in focus as harvest progresses, with global demand also being a driver to watch out for, as expectations of smaller crops year-on-year in key exporting countries remain.

  • The question as to whether harvest pressure will be seen in the coming weeks remains.


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

The Atlas Mountains, the Appalachians and the Scottish Highlands were once all part of the same mountain range and in 1787, the top of Mont Blanc was removed and is now in a museum in the Netherlands.



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 03/07/2024 (£/t)

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





 

Currency Trends as of 03/07/2024. Blue = GBP:USD. Red = GBP:EUR




 

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


 

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