19th June 2024 Commodity Market Report

Last week’s USDA report was neutral all round for soya, wheat and maize. Predictions for South American maize cropping levels were left unchanged, despite a reduction being expected.

• Sterling is slightly weaker against the dollar week-on-week, 0.1 cent versus $.

Proteins

Soya

• There are high temperatures in the US, but it’s still too early to have any impact on soyabean production. Soil moistures are good.
• Last week’s USDA report was neutral for soya, with 2023/24 global ending stocks -1 million tonnes month-on-month and Brazil’s crop -1 million tonnes month-on-month versus -2 million expected.
• 2024/25 crops all unchanged. Most crops are yet to be planted and 2024/25 ending stocks for global and US are heavy if achieved.
• CONAB peg Brazil’s 2023/24 soybean crop at 147.4 million tonnes vs 153 million per USDA.

Rapemeal

• USDA dropped world rapeseed production by 1.2 million tonnes, revising Australian and EU crops downwards.
• Ukrainian harvest will start shortly, and new crop seed will arrive mid-July. Limited farmer selling so far.
• EU to enforce 50% duty on rapeseed from Russia/Belarus from 1st July.

Maize Distillers

• Shipping delays continue to cause nearby technical markets.
• USDA neutral for corn, with expected reductions to South American crops not made.

Fibres

Palm Kernel

• Export market sold out for June and first half of July.
• Northern hemisphere market very quiet.
• Crush margins remain positive, so no expected shutdowns.

Soya Hulls

• Market direction driven by liquidity. Without sustained volume Argentine farmer selling prices have some underlying support.
• USDA leaves Argentine crop unchanged at 50 million tonnes, double last year’s disastrous figure.

Sugarbeet

• EU sets higher tariffs on Russian/Belarusian sugarbeet pellets, effective from July 1^st.

Cereals

• A strengthening US dollar weakens US prices and pushes funds into selling mode.

Wheat

• Last week’s USDA report was neutral for wheat.
• Global ending stocks for 2023/24 and 2024/25 close to last month’s and expectations.
• 2024/25 global wheat crop -7 million tonnes month-on-month; Russia -5 million, Ukraine -1.5 million, EU -1.5 million on weather. But global demand -4 million tonnes month-on-month on less wheat feeding.

Barley

• 2024/25 estimated bigger crops for global, at 150 million tonnes, +8 million year-on-year.
• EU crop is 54.5 million, +6.8 million year-on-year.
• UK crop is 7.5 million, +0.5 million year-on-year.

Maize

• Above normal heat intensifies this week across the entire US corn belt, but there’s cooler forecasts in 11-15 days.
• Last week’s USDA report was neutral for maize. 2023/24 South American crops left unchanged when reductions were expected. Still higher than local analysts.
• 2023/24 South American crops left unchanged and still higher than local analysts, when reductions were expected.
• BAGE peg Argentina’s 2023/24 maize crop at 47.5 million tonnes versus 53 million per USDA.
• CONAB peg Brazil’s 2023/24 maize crop at 114.6 million tonnes vs 122 million per USDA.

Performance Products

• Fluctuating grass quality can result in omega-3 deficiency, linking to poor performance. Lintec can help make up any shortfall, being a high omega 3 product.
• As well as supporting fertility by boosting hormones involved in oestrus activity and the prevention of early embryo loss. Lintec can also reduce inflammation; alongside these benefits it is proven to reduce methane emissions.
• Restore nutrient balance after calving with Translac HydroBoost.
• Translac HydroBoost contains electrolytes, calcium and energy, everything a cow needs to quickly restore its nutrient balance after calving and to increase its blood calcium levels.
• Translac HydroBoost also stimulates dry matter intake after calving which helps in maintaining good milk production and body condition.
• Supplying the correct amount of vitamins, minerals and trace elements is important for optimum production, health and fertility.
• Deficiency or excess of minerals can reduce performance and seriously affect animal health. Get in touch with your account manager to make sure your ration is balanced efficiently.

Forage

Roots

• Brassica crops can offer an additional extended summer feed option or for finishing lambs and winter keep.
• Stubble turnips, forage rape, swedes, hybrid brassicas and root mixes are available from ForFarmers.
• You can find out more about our range of forage root crops more here.

Grass Reseeding

• Do you have grass leys that are not performing at their peak? Would they benefit from reseeding or overseeding?
• Contact us to discuss specific options according to your requirements.
• View our grass leaflet here.

Sustainable Farming Incentive

• Are you wondering what your best options are with regards to the Sustainable Farming Incentive (SFI)? Contact us to discuss your options.
• Looking at SAM3 herbal leys? We have a number of options available to ensure that production is not compromised.
• Request a copy of our environmental brochure.

Co-products

• Are you looking to extend your forage stocks? ForFarmers have an excellent supply of brewers grains, Mash Pro 30 and distillers draff throughout Scotland and England.
• These highly palatable moist feeds provide a good source of digestible fibre and protein. They also help to drive intakes within rations.
• Due to the high levels of digestible fibre and low starch content they can be safely fed in high levels, making them an ideal forage extender.
• ForFarmers can deliver these products nationwide for both feed loads and pitting.
• Contact the team for pricing and to secure the volume you require.

Weekly currency trend

£1.273 /$ - Mixed

£1.186/Euro – Mixed