Wheat / Barley
Global wheat markets have pushed higher over the last couple days, buoyed by new crop condition concerns as parts of Russian remain dry on the short and medium term with strong global export demand. Although US weekly net sales of 597KT for 2020/2021 were down 20% from the previous week, but up 10% from the prior 4-week average.
Corn / Maize
Corn futures have pushed higher has south America concerns linger, and the value of the US dollar has fallen against a number of major currencies. Further support has been provided by an increase in weekly US net sales, at 2.611MT for 2020/2021 were up 16% from the previous week and 75% from the prior 4-week average. Exports of 729KT were down 1% from the previous week and 14% from the prior 4-week average. Oilseeds & Oil
US soybean futures have pushed higher again, setting contract highs. The bullish gains in US soybeans is being driven by a mixture of continuing concern for the Brazilian crop amid La Nina dry conditions and limited rainfall forecasts. Until the currently being planted crop is established, La Nina rainfall fears will maintain support.
Weekly US net sales of 1.531MT for 2020/2021 were down 6% from the previous week and 32% from the prior 4-week average. Exports of 2.528MT were down 6% from the previous week, but up 6% from the prior 4-week average. The destinations were primarily to China at 1.939MT.
We are now looking for 50 farmers ahead of a early December launch of the Farmdeals app. Fuel will be the first product available so those testers should ideally have intention to buy fuel or heating oils through December and January.
Key differences over other buying groups include:
It will have no joining or membership fee and will be open and free to all UK farmers
It will not insist on commitment to use exclusively, members are free to buy from their existing suppliers or even other buying groups
It will not insist upon price secrecy, in fact actively sharing deals available will be encouraged to try and get everyone even better prices