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Weekly Straights Update: 6th June 2024




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

Click on a product name for more information


  • Tightness on the nearby continues to be the story this week, with some shippers completely sold out until vessels arrive.

  • The resolution of strikes in Argentina will have helped to curb the bullish outlook attributed to these delayed vessels.

  • However, there is a possibility of more strikes which would cause another upset to export volumes and logistics.

 

  • The EU commission revised down its estimate of EU rapeseed usable production for the 2024/25 season to 19.1MMT, which is a decrease of 0.3MMT from the previous estimate.

  • Despite the downward revision to EU rapeseed production, there was pressure from the wider oilseeds complex and beneficial rains in Canada, which caused futures to fall by 3.5 euros.


  • The market has seen a tightening nearby, mainly off the back of logistical issues causing a delay on material entering the UK.

  • Strikes in Argentina seem to have ceased, which should see this back log clear, however there is still the overhanging threat of more strikes, keeping the market nervous.

  • By July there is a chance of some weakness owing to good Argentinian crop sizes.


  • The price movement depends on the wider protein complex.

  • Basing prices off rapemeal and with soya being largely unavailable until July, this could in the short term stop the market coming back.

  • Short-term levels will stay firm and then could firm again off the back of the November rapemeal becoming tighter.


  • Trident continue to have plenty of home-produced material available for summer, however imported material has all but dried up.

  • Current market levels mean it no longer makes sense to import into the UK and material is being sent to Ireland where a better price can be sought.


  • UK feed wheat futures edged higher yesterday, the Nov 24 contract gained £0.90p/T to close at £218.35/T.

  • This was despite the global wheat market slipping lower due to profit-taking by speculative traders.

  • However price falls were limited by uncertainty over the Russian crop outlooks. Some rain has fallen in southern Russia, but central Russia remains dry and forecasts are variable.

  • In the US, the USDA reported that 74% of the crop was in good/excellent condition, in their first 2024 assessment, up from last year’s 64%


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

In 2012, the fifth oldest tree in the world was burned down by a crystal-meth addict and reindeer have golden eyes in summer and blue eyes in winter.



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 05/06/2024 (£/t)

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





 

Currency Trends as of 05/06/2024. Blue = GBP:USD. Red = GBP:EUR




 

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


 

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