Wheat
Grain markets in general still feel relatively flat this week. At the start of the week the strong Russian export pace appeared to be offsetting at concerns about lower Southern Hemisphere crops and the market. The weaker $ also helped export markets with US material which had previously been uncompetitive for exports now coming onto the market. There is some rain now forecast across Australia which will help cap some of the losses experienced there and make the market feel slightly easier still.
Maize is still helping cap these grain markets and the USDA report on 12th October was viewed as potentially significant if they did move figures too far either way which turned out not to be the case.
Soya
Soya prices continue to fall back with the market generally well supplied now. There had been a temporary blip in oil prices which supported the complex temporarily with the events in Israel but this appears to have settled back down now. US harvest is moving at a good pace, 23% complete now. The Brazilian crop is being estimated as high as 164.1 MlnT, 1 MlnT higher than USDA projections so it would suggest that the market potentially has more to fall yet as more is known on those plantings.
Organic
Organic prices are remaining very much flat at the moment. We are starting to see new crop filter in but demand is still slow which is making establishing a market value difficult at times.
There are currently no real supply issues with any product and even India and China are now starting to compete against each other on proteins again now the Indian certification issues have been resolved.
Regards,
Kay Johnson & Martin Humphrey
