Weekly Straights Update
6th December 2023
The figures in the charts are an indication only and reflect levels traded on Wednesday.
Prices eased back further as US crush plants are up and running, (easing some of the nearby supply issues); a wetter Brazilian weather forecast, (should speed up plantings and improve crop conditions) and also more focus on the fact that Argentina could be in line for a 23 million tonne crop increase and Brazil down 15 million tonnes – so still potential for a good overall South American crop.
Argentinian premiums also eased back as the market expects the incoming President to provide good measure for economic growth, (if it doesn’t, premium will move back up and the Jan/Apr period will remain tight for soy meal).
Availability continues to be the key issue pre-Christmas, also no further boats planned into other ports due to issues in Europe.
Expectation is that this tightness could last until spring and shipper recommend cover until Mar/Apr.
Aug/Oct is reaching near lows seen a couple of months ago, so looks more attractive.
Mixed views on Argentina’s crop and an improvement in Brazil’s weather, could see a better supply of hulls when the new crop is reached, but the expectation is for continued supply tightness until then (May).
Nearby availability has tightened on maize distillers with forward positions now at a discount, (making summer prices look more attractive) – This is due to US logistics becoming more difficult and increases in freight rates.
US demand also remains high despite lower soya prices, as it will take some time for rations to swap back.
Wheat distiller pellets now remain almost non-existent, with no offers from Europe either.
Same story, product availability is good but little movement on price.
Limited movement in the markets as the potential for a larger maize crop weighs on prices, though reliance on spring crops in the UK and parts of France, due to poor weather during the autumn.
And finally, totally irrelevant but quite interesting facts of the week…….
£200,000 in loose change is found on public transport in London each year and the area code for Cape Canaveral is 3-2-1.
1. All data in this report are provided by KW
2. Click on the 'information' button to link through to the exact product specification
3. Price indications are based on 29t bulk tipped loads delivered to Oxfordshire and are guide prices only.
4. For firm prices and availability, please contact Joe Cobb on 01865 393 139
Historical Product Prices
You can look back at previous product prices here
Use the filters below to select the Product and the Date
Spot Price Trends 01/01/21 to 06/12/2023 (£/t)
'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $