29 March 2015 | Online since 2003



22 April 2012|Feed and Forage,News

Humphrey Feeds commodity report - 20th April 2012


Sterling lifted against $ during the week, but the main currency news related to the IMF begging bowl which was passed around looking for more contributions. Japan made a contribution, but will the UK, and will there be enough funds to address the increasing concern about the state of the Spanish economy? The bank of England admitted that it would cease quantitative easing next month, fearing that it could be adversly affecting inflation.

Wheat traded a mildly volatile week, ending less than £1 up on both old and new crop futures, although the physical market showed a distinct divergence with old crop rising £5, whilst new crop dipped mid week, to end unchanged, with the key November position showing wheat at £157 delivered to the mill. Have we had enough rain to avert a drought which would reduce the size of the crop? The HGCA confirmed that the UK is still exporting as over 200,000 T was exported in February, taking the season total to that date of just under 2 mln T. France has recieved some rain, which may help to address the this season’s drought, but the crop size is expected to be smaller, as are the crops from Spain (down 25%) and Germany (down 12%), meanwhile there are concerns in some key northern European states about the impact of the late winter frost which have probably reduced the the production. The Ukraine has increased cereal stocks by 70% on the previous season to 17 mln T, and they anticipate, with production for the coming season up to 60 mln T, with exports of up to 10 mln T, however Russia has a late spring which will delay spring planting.

US conditions are good for the developing maize crop, which might be harvested early, which is usually as new crop soya arrives in the UK, the price drops, however this year the supply has been slow, and the spot premium position seems to roll forward, so that this may yet be one of those strange years where we do not reach significant discounted summer prices.



225000 T of US soya was sold to an international mystery buyer, which is probably code for China. China’s animal feed production for March is up 18% on the same period last year – can the supply of imported feedstuffs keep up? So far this year China has bought 22mln tonne of US soyabeans, with forward purchases of new crop material of 6mln – a lot more to buy. Last year it used 55 mln tonne, this year….? Brazilian farmers have harvested 90% of the crop, but the harvesting continues to show reduced yields.

As the crop potentials in S America reduce, the higher prices rise. In Argentina the lower yields mean that farmers are slow to sell their soya - holding out for a compensating higher price. The funds hold a position that is bigger than the size of the Argentinean crop!




Download



Comments


No comments posted yet. Be the first to post a comment

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


9 March 2015
MOT Tester
01258 458555 URL removed Unit 1B Clump Farm Industrial Estate Tin Pot Lane, Blandford Forum, Dorset, DT11 7TD Autotechnics Bl...

10 March 2015
Multi Skilled Engineers
Multi-skilled engineer with either a mechanical or electrical bias, three years relevant time served experience within the Fo...

19 March 2015
LGV Drivers - Farm Milk Collection (Enniskillen)
United Dairy Farmers is one of the largest dairy cooperatives in the British Isles with almost 2,000 farmer members supplying...

26 March 2015
Restaurant Manager
We work closely with one Scottish farm to ensure supply of rare breed beef, we hang and age the meat on display in the restau...

16 March 2015
Trainee LGV Driver
To maximise the payload using electronic weighing equipment on fleet vehicles To safely tip and discharge load at scheduled d...




Top stories you may have missed
23 March 2015 | Cattle

UK butchers face difficulties to recruit...

Butchers in the UK are losing a generation through lack of training opportu...


20 March 2015 | Arable

Dust - the secret fertiliser?

NASA research has revealed how dust blown from the Sahara desert helps supp...


19 March 2015 | Arable

The Budget 2015: A Farmer's Budget?

“In the run up to the Budget 2015 most commentators were predicting that th...


17 March 2015 | News

UK's first floating solar power system l...

The UK’s first fully operational floating solar panel system has been unvei...


13 March 2015 | Animal Health

Labour and Conservatives clash over badg...

Axing the badger cull in England and Wales will save more than £120 million...


12 March 2015 | News

Solar could be cheapest energy source by...

By 2025, solar power could become one of the cheapest forms of energy in ma...


11 March 2015 | Finance

English buyers turn their attention to S...

Demand for Scottish farm land remains strong and continues to be better val...


9 March 2015 | Cattle

2020 vision for the Welsh red meat indus...

The Welsh red meat industry should aim to increase sales by at least 34 per...


6 March 2015 | News

MP raises egg industry concerns on trans...

Fears about the impact that a proposed transatlantic trade agreement could ...


Stay safe and legal when flying drones

The use of Unmanned Aerial Vehicles and Unmanned Aircraft Systems - or dron...