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Weekly Straights Update
18th January 2024

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The figures in the charts are an indication only and reflect levels traded on Wednesday.

Hipro Soya

  • Last week’s USDA WASDE report came in on the bearish side of things, with an increase to US yields and a lower cut to Brazil than where private estimates are.

  • Supply, short term, in Argentina remains tighter with good demand still, which is keeping nearby premiums in place.

  • Markets are waiting to see how yields come in for Brazil as they start harvesting, as there is some debate about crop size.

  • Price direction will continue to be guided by weather conditions in South America moving into the harvest season, (looking a little drier, hence the bounce back up).

  • Prices for Jan 25 onwards remain unavailable as shipper try to navigate new EU legislation, that means all soya coming in must be from non-deforested sources, be fully segregated from other material and fully traceable back to field level.

  • Whilst this is an EU regulation so doesn’t legally apply to the UK, there is a push from consumers for this to be in place in the UK.

 

Rapemeal

  • Nearby availability is easing up somewhat, leading to better prices on nearby positions, (depending on each individual location, as Liverpool levels are at a fair premium to Erith).

  • Overall prices continue to track soya, having reached trading lows for the summer and next winter.

  • Cover levels are much higher for rapemeal than other commodities, with a large amount already sold for the summer and also starting to edge into next winter.

 

Soya hulls

  • Better product availability has helped put pressure back on prices and with the Argentinian crop looking good, a good supply should be seen through the summer.

 

Distillers

  • The Mid-West US is experiencing some very cold and snowy weather, causing issues with running the plants and also logistics, meaning nearby prices remaining firm, (with limited availability nearby).

  • Some more aggressive offers may be seen once the weather clears, as demand has started shifting back to soya in the US.

  • Vivergo are sellers again for the Jan/Apr period, though forward prices generally on wheat distillers remain hard to come by, as plants are unwilling to sell much forward on negative margins.

 

Sugarbeet

  • Supply remains heavy with still little movement on prices.

  • It looks expensive against other options.

 

Wheat/Barley

  • Expectations remains for a tighter S&D picture this season, but prices struggled to get any support given the large amount of maize around.

  • Black Sea grains remain plentiful and still pressuring markets.

  • The UK & Europe will be heavily reliant on good spring plantings to keep pressure on prices.

And finally, totally irrelevant but quite interesting facts of the week…….

Agatha Christie gave the rights to The Mousetrap to her grandson as a birthday present and Emily Bronte who wrote Wuthering Heights and Kate Bush who sang ‘Wuthering Heights’, were both born on the 30th July, 140 years apart.

Notes:

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

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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 17/01/2024 (£/t)

  • 'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $

Currency Trends as of 17/01/2024. Blue = GBP:USD. Red = GBP:EUR

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For more information:
www.ofg.org.uk

Barley Fields
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