Last week brought a turnaround in some grain markets in spite of the continuing theme of increasing stocks and weak demand. The supply picture continues to grow with Russia declaring that its grain harvest is 14% bigger than last year and big figures continue to emerge from other major grain exporting countries. Russia's grain exports are running at 27% ahead of last year yet they were priced out of an Egyptian wheat tender by France who took all 120,000 tonnes. However a shipment of Canadian milling wheat is due to arrive in France this week to keep the pressure on stocks. Having hit £106/tonne (€135) at one stage last week, the LIFFE November contract rallied to close at £111.50 (€142). Over the week it gained £3.85/tonne. The MATIF November gained €6.50 to close the week at €158.50. Tonight's US crop progress report is expected to tell us that the 2014 soya bean crop is around 25% harvested. Last week saw a levelling off in prices around the low $9/bushel territory. Rabobank had forecasted a Q4 average of $8.90/bu and ventured that Q3 2015 values would be just $9. Others are expecting Fridays USDA report to help us find a new market low. Observers have noted that soya bean values tend to hit season lows in the first couple of weeks of October.
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 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 Oct-Apr to offer ex New Ross and Edentubber.