Last week saw grain markets find a new low as Russia and Ukraine began taking steps toward a ceasefire. This removed fears of supply disruption and saw new lows for wheat and corn futures in mid-week. Towards the end of the week markets recovered slightly amongst rumours that Russia would curtail wheat exports once a certain figure was reached. This doesn't make sense with a post-Soviet era record harvest on the cards. London November wheat ended the week down £2.80 at £119/tonne (€148) while the MATIF dropped €2.25 to close the week at €172/tonne. France won half of Egypt's 120,000 tonne October tender with a very aggressive offer. Friday saw MATIF November corn close at €149/tonne, down €2.75 on the week. In the UK DEFRA's July cereal usage figures showed a noticeable switch to barley by the feed trade which will help use up some of the UK's barley surplus but noted that millers and starch and ethanol plants continue to import wheat, maintaining pressure on the large domestic crop. China reported that its drought has now broken but it remains to be seen if it improves their 222 million tonne corn crop. China produces 22% of the world's corn and with the US producing 36%, weather in both countries has a huge bearing on the global picture. We'll know more about the US corn crop once Septembers USDA report appears on Thursday. Last week saw little movement in new crop soya bean values.
Trident Maxibeet Unmolassed Sugar Beet 6mm
DM 89%, ME 11.1MJ/kg, Protein 8%, NDF 38%, Sugars 6.3%. (All fresh wt. basis)
I'm offering asaOct-Apr ex New Ross and North East.
Provergo Wheat Distillers Pellets 6mm
DM 92%, Protein 32%, ME 12.6MJ/kg, Oil B 6.5%, Fibre 7.5% –all fresh wt basis
I've got Oct-Apr to offer ex New Ross and North East.