With much of the harvest completed and cultivations starting to get underway, Cefetra Grain provide their latest assessment of the grain markets. With a view to pre-emergence, Bayer provide information on weed management. In an effort to help make your book-keeping less time consuming and more accurate and informative, Farm Economics provides a capability for you or your book-keepers to review and action all bills, automatically uploaded, via the Farm Economics App. TVE have a large range of equipment from telehandlers to diggers, mower attachments and tractors both for sale and hire - and you can get a view of current offers. As always, County Insurance are there for your farm insurance needs.
Cefetra's global and european take on grain markets - late August '24 market report
As harvest begins drawing to an end in the south of the country, there are certainly mixed feelings and reports from farm to farm with regards to quality and yield this year. Lower proteins in wheat seem to be the main theme and are thought to be the result of a lack of sunlight on crops at the crucial grain fill period. The volume of rain that crops have seen may have also washed some nitrogen away. This has been a tough pill to swallow for many, with a much greater number of farmers pushing Group 1 and 2 varieties for milling quality, chasing the big premiums on offer. There are still some reasonable parcels out there that are hitting the correct specification, just not as many as we had hoped, given the area across the country that had an extra final dose of nitrogen.
The majority of the early spring barleys planted are following the same trend as the wheat, with very low nitrogen’s. Domestic homes here in the UK have no minimum nitrogen allowance, but the export trade usually does. On the back of this, traders are currently trying to sell vessels with no minimum nitrogen values to them. These vessels are less favourable to maltsters on the continent and are subsequently putting a lot of pressure on values, with vast tonnages currently offer to the pre-Christmas market. Later drilled material may bring forward some high nitrogen’s, which may be needed to blend with extremely low material later in the season.
Values have remained suppressed in recent weeks, partially down to the time of the year and funds remaining short in Corn and Wheat futures. Big corn and Soybean crops remain the main stories putting pressure on values, after increased supply expected in recent USDA reports. Given the disappointing yields also reported on the continent, I was hoping for values to have found some strength – but there has been little reaction so far. The difficulty at present is that EU/UK wheat looks expensive vs other origins, this will cap the amount of upside we could see for the time being. If values in Eastern EU or the USA begin to firm, then there is potential for an uplift close to home.
Hopefully as we head towards the Autumn, markets will begin to tick higher as farmer retention remains strong at these values, unless they have no ability to store on farm. Worth noting that we have generally noticed a lack of harvest pressure on wheat this year. Normal volumes of OSR, feed and malting barley have been offered and moved, either for cash flow reasons or a lack of space to store all commodities on farm.
To find out more, please contact the team at Cefetra Grain: Simon Wilcox, Manager – UK Farm Grain Origination, 07774 822507, wilcox@cefetra.co.uk; Josef Grinczer, Farm Grain Buyer, 07712 325197, grinczer@cefetra.co.uk ; Ian Jervis, Farm Grain Buyer, 07497 185361, jervis@cefetra.co.uk
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