Orion Farming Group Weekly Straights Update: 3rd April 2025

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

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Hipro Soya

Nearby prices continued to be supported, as the market tightened ahead of the new shipments due in April and May.
The Brazilian harvest is romping away at 82% complete vs 74% this time last year.
US soybean acres are estimated to be down 4% y-o-y at 83.5 million acres, whilst US stocks came in just above trade estimates.
There is still uncertainty around US tariffs and reciprocal tariffs, with the EU setting to bring in some tariffs against US goods (likely to include agri products), which is creating a more expensive market for North American hipro soya.

Rapemeal

Prices rebounded a little, because rapeseed prices had risen enough to narrow crush margins (due to poor EU seed availability), pushing meal prices higher.
Buying interest remains sluggish, though Erith are not accepting new collection bookings for the rest of April, though there is still a good amount available in the wider market, both Erith material (that’s been pre-booked) or imported material.
Imported prices also rose as they came up against the same crush margin squeeze, as Canadian seed prices also rose, but still remain a cheaper option to import into the EU.

Soya hulls

Nearby availability is still very tight and summer prices still remain static.
As mentioned in previous weeks, it seems unlikely to see any downward pressure on hulls until the Argentinian new crop is in the shed and the plants are in full flow – potentially June onwards.

Distillers

No real change on the wider distillers market, with no new spot or summer offers.
Vivergo has now restarted and is supplying contracted material and they are hoping to offer summer levels in the coming weeks, once they have replenished stocks.
Similarly with Ensus who are hoping to have something to offer in the coming weeks, subject to how the plant runs.
Imported maize distillers prices remain static and there is still no imported wheat offered.

Sugarbeet

Another week, no fresh news.
Some forecasts are setting the 25/26 UK and EU beet area dropping by 7-8%, but others are expecting around a 5% decline – the likelihood being it would put the UK/EU market back into a deficit, meaning lower prices could be unlikely.

Wheat/Barley

Markets continued to drift lower due to increased rainfall in the US, Russia, Romania and Bulgaria as well as influence from the ongoing peace talks regarding the Ukraine war.
The better weather in the areas mentioned above is easing concerns around the poor conditions and should bolster crop estimates, with Russia putting their 2025 estimates at 82.5MMT up from 81MMT.
Us wheat plantings are estimated to be at 45.4 million acres, which if realised, would be a 2% y-o-y drop; however, US wheat stocks came in above expectations.
The continued uncertainty around the various tariff wars also continues to weigh on US prices, whilst funds continued to increase their short position.

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

Henry VIII’s lavatory at Hampton Court was known as ‘The Great House of Easement’ and 12% of a sloth’s energy is used to climb up and down trees to go the lavatory.

Notes:

All figures in this report are provided by KW and commentary by GLW Feeds. 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