The figures in the charts are an indication only and reflect levels traded on Wednesday.
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A weather market is still prevalent with the Brazilian harvest still running behind due to the wetter weather.
The Mato Grosso region is around 12.2% complete, which is less than half the normal pace.
Argentinian weather remains tricky, with hot dry weather continuing to lower crop ratings, (now 20% rated good-excellent, vs 29% last year) and now entering the critical pod filling stage.
Funds still remain short on meal and long on beans and oil.
China’s announcement of tariffs on US imports have not yet included soybeans, but this needs to be monitored as it could come in the future.
A more volatile market could be seen for the next month, until crops are more secure.
Better levels have been offered on both nearby and further forward.
Cheaper options of GM rapemeal are now more limited and home produced product is competing again, as Europe is starting to take more advantage of the discount the GM material is trading at – therefore increasing demand for it.
New crop does look more reasonable, but better levels have been seen on May/Jul for those who have held off.
Still a very tight market nearby, with odd loads becoming available now and then.
This is not expected to ease until April when the next shipments are due.
The summer levels look good value against other fibre options.
Nearby distillers on both maize and wheat remains very tight, with minimal offerings.
Maize distillers have crept up in value for the summer, as maize prices rose.
US production of DDGs was up 2% in Dec, but down 4% from the previous year and margins remain around break-even, so no signs of the market being flooded any time soon.
Imported wheat distillers looks pretty expensive for the summer when available, as minimal offers from Vivergo, which had offered better value.
Additionally, it looks like the shipment programmes may focus more on Scotland, to plug the gap left by Strathclyde no longer producing dried distillers grains; which may create a tighter supply in the Midlands.
Home-produced offers were pulled last week as the mills close soon, so they can reconcile stock etc.
This has tightened up the sugarbeet market, as there was minimal imported supply this season to begin with.
It will be a waiting game to see if a new offer is released on home produced.
There are continued concerns around winterkill in US winter wheat crops, with an estimated 15% of the crop at risk, which is keeping Chicago prices supported, alongside good US export demand.
Russia has been seeing warmer drier weather, which will provide no snow cover should they see a drop in temperatures.
Russian exports remain limited now, with prices barely profitable, if at all; export quotes also come into for from mid-Feb.
London wheat futures remain more mixed, with the market still quite rangebound.
And finally, totally irrelevant but quite interesting facts of the week…….
In 2007, police in Iran detained 14 squirrels suspected of spying and in 2013, a judge in Michigan found himself in contempt of court when his mobile phone went off during a trial.
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 06/02/25 (£/t)
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