The figures in the charts are an indication only and reflect levels traded on Wednesday.
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Soya firmed over the weekend which was a surprise to most including many shippers.
Argentinian premiums are good as farmers are selling, with the weaker dollar making prices look more attractive to them.
If sterling takes a turn for the worse, levels could firm further.
Rumours of EUDR regulations being pushed back again, but as seems to be the recurring theme, nothing official has been confirmed.
Availability remains tight as a result of the recent fire at Erith.
This has meant that Cargill are no longer seller, as ADM has bought most of their material to fill the deficit created by the fire.
Erith still isn’t functioning at 100% capacity so production is slow.
There is no real direction in the rapemeal market at the moment, other than it following weather stories.
There are droughts in Brazil and floods in the US affecting soybeans which rapemeal is following.
Availability on the nearby hasn’t changed with tightness expected to carry through to the New Year.
Impending EUDR regulations also seem to be playing their part, in that crushers are reluctant to offer if they don’t have the meal sales to back the hulls.
As forward cover on soybean meal picks up liquidity on hulls should improve.
Hulls remain a good value fibre source, although the spread between hulls and sugarbeet has closed somewhat recently.
Overall the distillers market is firmer in general with margins having slid due to falling ethanol prices.
Hurricane season is affecting the logistics of imported material and the planned maintenance season is also well under way, for shutdowns in the US.
Week on week there isn’t much change in the sugarbeet market, with demand remaining at what feels like an all-time low.
Availability of imported material remains sparse with home-produced material plentiful.
Sugarbeet continues to be priced out of the ration, however if the spread between sugarbeet and hulls continues to narrow, it could start to get a look in.
Wheat levels spiked over the last 48 hours mainly owing to concerns over the rising tensions in the middle east and dry weather in Russia.
The market has definitely moved off its low, however it’s unlikely to be anywhere near its peak.
There is generally a bullish tone to the market with little reason to hold over covering at least until December.
Barley looks good value, however this may change as supply is likely to tighten further heading into the New Year.
And finally, totally irrelevant but quite interesting facts of the week…….
The Bodleian Library in Oxford, got its first Chinese book in 1604, it was 80 years before they found someone who could read it and to read all the books in the British Library at a rate of 5 a day would take 80,000 years.
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 02/10/2024 (£/t)
'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 02/10/2024. Blue = GBP:USD. Red = GBP:EUR
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