Wheat prices have continued to be volatile as weather in Russia and Europe is the main watchpoint.
Sterling is stronger against the dollar week-on-week, 1.6 cent versus $.
Proteins
Soya
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.
Rapemeal
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.
Distillers
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.
Fibres
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.
Cereals
Wheat
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.
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.