26th June 2024 Commodity Market Report

The US soybean crop is looking good, with a rating of 67% good/excellent. This is a four year high and the market will be keeping a very close eye as the crop develops.

• Sterling is unchanged against the dollar week-on-week.

Proteins

Soya

• Soybean shipment exports from US delayed by floods on the Mississippi. Nearby availability remains tight at all origins and destinations.
• US weather will be main input over the next few months.
• Market trading based on a higher soya acreage. The US acreage/stocks report on Friday 28^th June will help clarify the situation.
• Further bean selling from the South American farmers will add pressure. Brazil currently at 64 % sold, with Argentina only 28% sold.
• 2024/25 world bean ending stocks due to rise 15% year-on-year and US ending stocks up 30% year-on-year.
• The US soybean crop is rated 67% good/excellent - a four year high. 97% planted vs 95% average pace.

Rapemeal

• EU to enforce 50% duty on rapeseed from Russia/Belarus from 1st July. EU will lose ~900k meal imports from Russia, with a reduced crush already planned.
• USDA report dropped world rapeseed production by 1.2 million tonnes, revising Australian and EU crops downwards.
• Premiums built into 2025 prices to cover EUDR risk.
• Improving conditions in Canada, with big crop expected, close to calculating into the EU.

Maize Distillers

• US ethanol production +3.5% week-on-week and margins remain positive.
• North American cattle demand declining due to gradual switch to summer diets.

Fibres

Palm Kernel

• Impact of last year’s El Nino much lower than feared, with 2024 production now expected to be average.
• Crush margins above $11 so production expected to be strong.

Soya Hulls

• USDA report leaves Argentine crop unchanged at 50 million tonnes, double last year’s figure.
• Overall global demand lower. This could drive crushers to look for spot demand if stock levels begin to climb.

Sugarbeet

• Weather driven delays to plantings in general, resulting in concerns over negative yield impact for 2024 campaign (Oct onwards).

Cereals

Wheat

• Ukraine’s agriculture minister increases their wheat crop estimate from 19 million tonnes to 21.5 million, vs 19.5 million per USDA report.
• Western Europe rains have impacted plantings and growth. Both the EU and UK -3 million tonnes year-on-year. However western Europe is finally getting sunshine and dry weather, benefiting crops this week.
• US winter and spring wheat crops in best condition in four years.
• US 2024/25 ending stocks at four year high. Early harvest pressure and good yields.

Barley

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

Maize

• Argentinian maize harvest 49% complete and Brazil’s Safrinha harvest around 25% complete.
• Ukraine 2024 maize crop 14 million tonnes below peak.
• Hedge funds short of 24 million tonnes of CBOT maize.
• The US maize crop is rated 69% good/excellent, -2% week-on-week vs 67% average and representing a four year high.

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 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.

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 for increased energy in animal rations and can use liquid feeds? WheyMore is a lactose rich, high-energy liquid which is easy to use.
• Offering a very cost-effective source of sugar, WheyMore is highly palatable and can aid intakes.
• WheyMore can be a valuable addition to livestock diets. It mixes well into TMR or PMR rations, aiding ration structure and reducing sorting.
• WheyMore is collected from our supply site in Scotland and delivery is available in full 28t tanker loads across Scotland and the north of England.
• If you’re interested, please contact the team for more information.

Weekly currency trend

£1.269 /$ - Mixed

£1.183/Euro – Mixed