- Sterling is stronger against the dollar week-on-week, 2.8 cent versus $.
Proteins
Soya
- Potential stock piling of soya in the EU ahead of EUDR regs 1st Jan 2025.
- Soil moistures dropping and dry forecasts in the Midwest adding a bit of nervousness given the large fund short.
- Rising yield estimates to date in the US. The Pro Farmer Crop Tour predicted yield at 54.9 (USDA 53.2) pushing the US crop well above the 124.9 mmt record crop predicted by the USDA.
Rapemeal
- Soya oil very competitive, rape oil struggling to compete for now. Meal price to carry extra crush margin.
- Tightness in rapeseed February/March onwards, with declining European/UK production. Lowest levels since 2020.
- Potential January 2025 onwards that premiums for EUDR soya on the continent push demand for rapemeal back up.
Maize Distillers
- DDGS feature well in US. Export demand remains strong.
- Big US corn crop expected which will help with production and margins.
Fibres
Palm Kernel
- Order flow in most destinations remains quiet. Exports for previous 12 months are 6% lower year on year.
- Both key origins facing long term production issues. Malaysia driven by ageing trees and labour shortages, Indonesia by old trees and dry weather.
Soya Hulls
- Market direction driven by liquidity and without sustained volume Argentine farmer selling, prices have some underlying support. Some shippers reluctant sellers, with no replacement values.
- Sporadic Argentine strikes limiting supply.
- Supply chains could become a challenge from January 2025 onwards with EUDR complications still unclear. This could add support to soya hulls pricing post January ‘25.
Sugarbeet
- Domestic priced sugarbeet prices now available on delivered priced terms through until April 2025.
- Potential lack of imports for summer due to lack of demand could drive higher technical markets at destination.
- Overall global supplies adequate with lower demand. Russia has large exportable surplus with fewer friendly destination homes.
Cereals
Wheat
- UK prices have fallen £3.10/t week-on-week, as the market adjusts to the soaring UK£/US$ exchange rate.
- UK growers showing a reluctance to sell at current levels, reaching historically low levels of farmer selling.
- Globally, the US market has fallen $0.92/t week-on-week as markets have consolidated after Chicago prices hit a four-year low.
Barley
- Farmer selling very slow now barley harvested and stored. Also, loss making.
- Reasonable buying activity, with UK winter barley yields 12% below average.
- UK spring barley yields above average and good quality. UK 2024/25 barley surplus of 750k tonnes but no export demand, no export sales and €10/t too expensive.
Maize
- Chicago maize higher on technical, which could see further upsides. Hedge funds near record short.
- US Maize widely competitive and well under cost of production. US Ethanol production remains high.
- Grain in the system. Big 2024 maize crops in South America now complete!
Fertiliser
- After a very quiet couple of weeks for urea, the second Indian urea tender of the year is set to close today. This should set price direction in the global urea market as we go into the post-harvest period in the Northern Hemisphere.
- DAP remains supported with Chinese export limitations still in place and an unclear export policy going forward, while demand from India remains strong. This in turn, is supporting TSP prices too.
- The Tampa ammonia contract price which is the benchmark price used as a reference across the world was revised up $55/t on Monday. This was in part due to the production outages that have been experienced west of Suez throughout Q3.
- EU natural gas front month futures are up over 8% since Monday and have been steadily rising as a general trend since February.
Performance Products
- ForFarmers have an updated range of mineral buckets available to support optimal animal health and performance. They provide key minerals and trace elements which help to balance potential deficiencies.
- 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:
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
£1.312/$ - mixed
£1.189/Euro - mixed
