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US and EU markets weigh on resilient UK market

CRM AgriCommodities

Member
Arable Farmer
Location
UK
Cereals
  • Sterling was once again the main feature as it drifted lower against the Euro and USD, but when the US and EU markets turned south erasing all of yesterday's gains the UK market couldn't hold on to gains.
  • UK's Defra pegs domestic wheat crop at 14.476MlnT and barley at 6.652MlnT. Cereal use for animal feed shows wheat currently favouring other feed grains (See chart of the day).
  • EU soft wheat export licences have now reached 6.778MlnT for the season; barley trade is non-existant with exports at 1.196MlnT for the season v 3.667 LY; maize imports have reached 2.076MlnT as exports are at 611kT.
  • CONAB (Brazil) estimate 2016/17 corn prod. at 82.3-83.8MlnT v 66.7 LY.
Oilseeds
  • The EU rapeseed market is stuck in a rut and is range bound, but the UK market continues to be supported by sterling weakness and remains at contract highs.
  • There looks like some respite for the parched French OSR crop as rains are in the forecast.
  • CONAB (Brazil) estimate 2016/17 Soybean prod. at 101.9-104MlnT v 95.4 LY.
Macros
  • The Sterling fell again against the US$ and Euro.
  • Crude oil continued to rise and broke the $50/bbl level on WTI.
Chart of the Day
GB-Cereal-Usage-for-Animal-Feed.png


Futures & Options prices
Prices.png
 

How is your SFI 24 application progressing?

  • havn't been invited to apply

    Votes: 27 35.5%
  • have been invited to apply

    Votes: 13 17.1%
  • applied but not yet accepted

    Votes: 28 36.8%
  • agreement up and running

    Votes: 8 10.5%

Webinar: Expanded Sustainable Farming Incentive offer 2024 -26th Sept

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On Thursday 26th September, we’re holding a webinar for farmers to go through the guidance, actions and detail for the expanded Sustainable Farming Incentive (SFI) offer. This was planned for end of May, but had to be delayed due to the general election. We apologise about that.

Farming and Countryside Programme Director, Janet Hughes will be joined by policy leads working on SFI, and colleagues from the Rural Payment Agency and Catchment Sensitive Farming.

This webinar will be...
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