Funds cover short position moving wheat prices higher

Location
UK
Cereals
  • Fund short covering today moved wheat prices higher as CBOT values hit a one month low yesterday attracting bargain buying.
  • Northern Europe continues to look dry over coming weeks as concerns grow for crops, particularly those on lighter land.
  • Chinese pig prices are expect to increase by 70% as swine flu continues to lead to large number of stock being destroyed.
  • China are increasing poultry, beef and fish production in response to the crisis.
  • US ethanol stocks have continue to fall amidst poor producer margins.

Oilseeds
  • Traders continue to wait to see further Chinese soybean purchases amidst the ongoing negotiations.
  • US export sales of soybean we disappointing this week and seen below market expectations.
  • Palm oil prices helped support EU OSR values which continue to recover.


Futures & Options prices

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First exports of UK beef to the USA in 20 years underway

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UK beef to be served on US plates for first time in over 20 years, with first exports commencing from a Northern Irish facility.

The first shipments of UK beef are to depart for the USA today (30th September), marking a historic moment for UK farmers and food producers.


Following the USA’s longstanding ban on EU beef – introduced in the wake of the BSE outbreak in 1996 – market access for UK beef was granted in March 2020. UK beef producers now have access to the US market for the first time in over 20 years.

Today’s news means the sector can now begin to reap the economic benefits of trade with the US – with industry estimating beef exports will be worth £66 million over the next five years.

The first shipment of beef originating from...
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