The USDA report for November came and went last Monday without the expected bearish story that the market was expecting. In a surprise move, US maize yields were actually lowered but it still amounts to a record crop. Most feed grains gained on the week driven by fund activity driven by stories of lack of snow cover in Russia for the recently planted crop and cold conditions in the US. The old reliable ‘tensions in Ukraine' story was wheeled out and was said to drive fund buying activity. LIFFE front month wheat gained £6.70 on the week while MATIF was up €13. Part of the rise was driven by the expiry of the November with January becoming the front month. Paris corn rose by €6 on the week. CBOT corn gained 3.8% on the week while CBOT wheat closed up 9%. The USDA raised soya bean production in last week's report but export and crush increases kept stocks figures unchanged. Despite a midweek spike in values, soya beans lost 2% on the week while meal dropped by 2.6%. The UK is expected to grow 5% less wheat next year according to a HGCA survey. This week is expected to be a turbulent one in currency markets with lots of key economic data due out.
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 Nov-Apr ex New Ross and Edentubber.
Provergo Wheat Distillers
DM 92%, Protein 32%, ME 12.6MJ/kg, Oil B 6.5%, Fibre 7.5% –all fresh wt basis
I've got Nov-Apr to sell ex New Ross and ex Edentubber.