22nd May 2024 Commodity Market Report

Tarwe - CirQlar UK

Wheat prices have continued to be volatile as weather in Russia and Europe is the main watchpoint.

Commodity report exchange rate graph 22 05 24
  • Sterling is stronger against the dollar week-on-week, 1.6 cent versus $.



  • 85% of the beans planted in flood-hit Rio Grande do Sul has now been harvested.
  • Concerns over the Brazilian and Argentinian crop continue to dominate market sentiment.
  • USDA increased 2023/24 bean demand by 3 million tonne - Chinese and Iranian stockpiling is adding to nearby tightness.
  • May USDA estimates 2024/25 world bean production at 422 million tonne up another 27.4 million tonne with an increase to end stocks of 17 million tonne – the largest carry since 2019/20.
  • The US soybean crop is 52% planted vs 49% average pace despite wetness.


  • Supplies extremely tight in the UK for May-July.
  • Cargill and Erith maintenance and number of bank holidays on the continent reducing liquidity.
  • Margins favour rapemeal; Crush may increase in Europe once we move out of current tight soyameal situation.


  • Tight spot EU rapemeal supplies support values.
  • US ethanol production + 3.5 % week-on-week.
  • Ethanol margins are positive, but inverted on forward curve and outlook does look optimistic.


Palm Kernel

  • European/UK stocks tight for May/July.
  • Crush margins are positive so no expected shut down.

Soya Hulls

  • Market direction driven by liquidity and without sustained volume Argentine farmer selling prices have some underlying support.
  • Overall global demand lower.
  • Some crushers looking for spot demand as stock levels begin to climb.

Sugar Beet

  • Weather driven delays to plantings in general raises concerns over negative yield impact for 2024 campaign.



  • Chicago wheat futures remain volatile.
  • French 2023/24 wheat ending stocks pegged at 3.9 million tonnes, a 19-year high.
  • India’s wheat stocks on 1 May were an 18-year low and -10% year-on-year.
  • Ukraine 2024 wheat crop 12 million tonnes below peak, exports 10-year low.


  • UK/Western Europe spring planting worries due to saturated soils, less optimism over big acres. Winter plantings in poor shape too.


  • Argentina’s maize harvest 25% complete vs 31% average pace.
  • BAGE estimates the Argentinian corn crop now at 46.5 million tonne (USDA 53 million tonne) with 17% of the area lost to insect damage.
  • Short covering and hedge funds still short of 14 million tonnes of CBOT maize.
  • Ukraine 2024 maize crop 15 million tonnes below peak, exports 10-year low.


Maize varieties 2024

  • There are still options available for all feeding requirements and sowing areas for maize seed.
  • Sowing after grass? Temprano + force is available.
  • Needing to get a grass ley or cereal crop in after maize harvest? Contact us to discuss early harvest options.

Spring Grass

  • Do you have any leys that need to be rejuvenated? Overseeding will maintain the physical and nutritional quality of a grass ley.
  • ForFarmers TOPGRASS Leybooster Overseeding mixture contains Pronitro, a unique, precision targeted fertiliser coating that feeds only the sown seed and not the surrounding sward.
  • It improves establishment vigour at the most crucial stage in the overseeding process.
  • Save £4/acre on TOPGRASS Leybooster All Purpose Overseeding during May.

Sustainable Farming Incentive

  • Are you wondering what are the best options with regards to the Sustainable Farming Incentive? Contact us to discuss options.
  • Looking at SAM3 herbal leys? ForFarmers has a number of options available to ensure that production is not compromised.

Co Products

  • Are you looking to extend your forage stocks? ForFarmers has an excellent supply of Brewers Grains, Mash Pro 30, SelcoPlus, Amy Plus 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 level of digestible fibre and low starch content they can be safely fed in high levels making it an ideal forage extender.
  • ForFarmers can deliver these products nationwide for both feed loads and pitting.
  • These products can also be ensiled on their own or with an absorbent such as wheatfeed.
  • We can also provide advice on the best ways to ensile these products to ensure the best possible results.
  • Contact the trading team at Shepshed to discuss options, pricing and to secure your volume. Telephone 01509 501830

Weekly currency trend

£1.272/$ - mixed

£1.170/Euro - mixed

Previous commodity reports

To review commodity trends presented throughout the year, view our past commodity reports.