28th August 2024 Commodity Market Report

MARS satellite pegs the EU wheat yield at 5.68t/ha – down 2% year-on-year, with France back 16%.

• Sterling is stronger against the dollar week-on-week, 2.8 cent versus $.

Proteins

Soya

• Last week’s Pro Farmer Tours projects the US bean crop at a massive 129 mmt – 6% higher than the previous record 2021 crop and above the latest USDA (124.8 mmt).
• Weekly soya conditions down at 67% but considerably above previous years. A bit of heat in the forecasts has spooked the market over the last few days.
• China to auction 0.4 mmt of soya beans on 28 August – the 25th auction so far in 2024. They are struggling to move the stockpiles.

Rapemeal

• Seed imports from Ukraine keeping the European market well supplied and offsetting the lack of farmer selling.
• A shortage of seed for this season keeps prices supported particularly in the second half of the season.
• However, rapemeal will struggle to rally while soyameal remains under pressure. The ratio of rapemeal to soya meal will not be as attractive as previous years.

Cereals

Wheat

• Wheat prices trending lower week-on-week, by around £2/t.
• CBOT wheat traded at fresh contract lows the latter part of last week, with Matif and Liffe breaking through key support levels.
• Currency a major factor with strong currency keeping UK and EU prices supressed to stop imports.
• Canadian rail strikes added a bearish input in the US as it will halt the movement of grain to ports. This means more grain will be trucked into the US.
• US spring wheat harvest 51% complete.
• EU 2024/25 wheat exports season to date -22% year-on-year vs -7% forecast.

Barley

• Barley prices trending lower week-on-week, by around £2/t.
• ADM Agri reported last week that spring barley is now 34% complete overall in the UK, with England just edging over the 50% mark.
• Barley exports are on the quiet side as corn is looking more attractive in certain destinations.

Maize

• US maize drifts lower and hovers around contract lows based on US yield optimism.
• Corn yield prospects in Illinois (204.14) are the biggest in the Pro Farmer Crop Tour’s 32 year history, but limited impact on corn prices.
• US maize harvest makes a small, early start.
• MARS satellite pegs the EU maize yield at 7.03t/ha which is -6% year-on-year.
• US maize crop rated 65% good/excellent, -2% week-on-week which gave modest support, but still a six year high.

Co-Products

• Are you looking for a cost-effective source of starch on-farm? ForFarmers have a good supply of caustic wheat to cover your needs. Caustic wheat provides the benefit of high starch and energy content for your ration.
• As caustic wheat is an alkali product it helps promote stable rumen conditions which are essential for efficient feed utilisation. The reduction of acid loading in the rumen in turn leads to increased milk yield and quality in dairy cows and increased live weight gain and feed conversion in beef cattle.
• Available nationwide delivered to farm and ready to feed. Contract prices available as well as spot pricing. Contact the team now.

Performance Products

• Fluctuating grass quality can result in omega-3 deficiency, linked 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

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:

• Are you looking to put in a winter cover crop?
• Contact us to discuss options on grass, clovers, forage rye, brassicas.
• Request a copy of our environmental brochure.

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

£1.323/$ - mixed

£1.185/Euro - mixed