- Sterling is stronger against the dollar week-on-week, 2.1 cent versus $.
Proteins
Soya
- Weather markets remain the key price driver, with US bean prices at four-year lows and funds short.
- US beans looking competitive, with potential flow to Argentina.
- Lack of farmer selling in Argentina with widening of official peso versus blue peso.
- USDA increases 2024/25 global stocks by 6.5 million tonnes month-on-month, including a 3.5 million tonne increase in China.
- Extended crush capacity in the US and large demand for oil will result in large meals supplies.
- NASS rates the US bean crop unchanged week-on-week at 68 % (last year 59%).
Rapemeal
- Declining European/UK production, at lowest level since 2020 and lack of farmer selling.
- Soya oil very competitive, with rape oil struggling to compete.
- Russian rapeseed crop (spring crop) looks to be a record high at 5 million tonnes. Oil and meal will go to China, reducing their demand from Canada and elsewhere.
Maize Distillers
- US corn crop needs watching for weather driven yield concerns.
- US driving season typically over mid-September. Ethanol production will drop in conjunction with increased buying interest for winter rations and difficult winter river logistics.
- US ethanol production virtually unchanged week-on-week and remains strong.
Fibres
Palm Kernel
- New Zealand calving in late August can often lead to increased demand, especially with some reports of poor pasture quality.
- Fronterra lowering milk prices in New Zealand.
- Positive crush margins incentivise production.
Soya Hulls
- Supply chains could become a challenge from January 2025 forwards with EUDR complications.
- Sporadic Argentine strikes further limiting supply.
- Margins for South American crushers taken a hit with recent drop in futures values.
Sugarbeet
- Overall global supplies adequate, with lower demand.
- Russia has large exportable surplus with fewer friendly destination homes.
Cereals
Wheat
- Wheat prices are around £6/t less week-on-week.
- Weather woes see EU crop down 11 million tonnes year-on-year and down 3 million tonnes in UK.
- Low prices and poor yields slow farmer selling at local and global level.
- Russia now selling cheap wheat for 2024/25 at $20/t less than France, although confusion over their export tax.
- So far, Ukrainian wheat and barley new crop exports are double last year’s volumes.
Barley
- Barley prices are around £4/t less week-on-week.
- UK winter barley yields 12% below average and farmer selling very light.
- 2024/25 global ending stocks:use ratio tightest since 2000.
Maize
- Hedge funds near record short.
- In the US, 2024 has been a great growing season and record yield forecast giving a 385 million tonne crop and ending stocks 53 million tonnes. This represents a six year high.
Fertiliser
- India announced its second urea tender of the year yesterday. We wait to see what India ends up bidding for to give an indication of price direction in the global urea market.
- International conflict in the Middle East and Russia/Ukraine is fuelling a rise across energy markets. A degree of nervousness is now creeping into the market.
- European gas traders have stopped storing gas in Ukraine’s large gas stores, which previously provided a tenth of the EU’s storage capacity. EU and UK natural gas futures are now at eight-month highs. Add in the cost of ammonia, now $140 p/t more than it was in May, and a price increase in ammonium nitrate and urea will become a possibility heading into Q4.
- Indian importers continue to bid in a phosphate market in tight supply. This action is facilitated by subsidies offered by the Indian government to importers.
Co-Products
- Have you used up spare forage stocks through last winter? Now is a good time to look at your forage stocks and consider buffer feeding.
- Co-products are a great way to conserve home grown forage stocks.
- ForFarmers have a large portfolio of Co-products to offer. These currently include moist blends, brewers grains and distillers draff.
- Pitting these products through the summer months, either under grass or independently, will provide a great forage extender throughout the winter.
- Limited availability so contact a member of our team now to secure your tonnage.
Forage
Maize incolucants:
- Are you prepared for maize harvest ?
- We recommend using maize inoculants, which deliver the following benefits:
- Faster, more efficient initial fermentation
- Improves use of available sugars
- Reduces fermentation DM losses
- Minimises undesirable microbial activity
- Improve animal performance
- Less heating
- Higher energy feed
- Less risk of mycotoxins
- Maize inoculants available include:
- Sil all Maize – contains three bacterial strains and enzyme. Improves aerobic stability and reduces dry matter losses.
- Ecocool – Supplies lactobacillus plantarum for fast, efficient fermentation and lactobacillus buchneri for reduced heating and spoilage at feedout. Buy 11 get extra one free of charge (can combine with Ecosyl offer).
- Ecocorn – Supplies lactobacillus plantarum for a fast, efficient fermentation, plus potassium sorbate which is a very effective inhibitor of the yeasts and moulds that cause aerobic spoilage.
- Pioneer 11A44 – Contains lactobacillus buchneri. Reduces aerobic heating and provides improvement to aerobic stability.
- Pioneer 11C33 – Contains lactobacillus plantarum and lactobacillus buchneri. Reduces aerobic heating and fermentation losses. Fast fermentation for improved stability. Maize can be fed seven days after ensiling.
Cover crops after maize Sustainable Farming Incentive SAM2/CSA2/SOH4/Growing for the Environment:
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.
Herbal Leys - Sustainable farming Incentive SAM3/CSAM3:
- Are you wondering what are the best options with regards to the Sustainable Farming Incentive? Contact us to discuss options.
- Looking at SAM3/CSAM3 herbal leys? We have a number of options available to ensure that production is not compromised.
Roots
- Brassica crops offer an additional extended summer feed option or can be used 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 here.
Autumn Cereals
- ForFarmers has many options available for autumn sowing. Please contact us to discuss variety options.
Weekly currency trend
£1.300 /$ - Mixed
£1.108/Euro – Mixed
