The £ has steadied to last week’s levels of £/$1.30 and £/€1.18. Wheat markets remain extremely volatile. The Supply and Demand figures of UK wheat show the we are likely to be in deficit by the end of the season, and are already in deficit in some areas of the country. Dryness across US and Canada is beginning to draw attention. Reports in Europe and the UK for new crop is looking positive. Soya continues to be largely led by veg oil markets. With a high proportion of organic raw materials coming from the Black Sea regions, there has been questions raised over the supply chain and if material will be available. Proteins which largely come from India and China are not affected so their shipping programmes remain the same.

The £ this week has lost ground after initially holding at the start of the Ukraine invasion. Wheat has continued to push through historic highs. There are now various different export policies and loosening on cropping rules on certain land types being released now across Europe in a bid to secure their food supply chains. Soya although not directly impacted physically is being driven by the veg oil complex in general. For now our focus is primarily on securing the supply of raw materials for feeds for the coming quarter. We understand that this is an extremely concerning time for our customers and we would encourage you to speak to your Poultry Specialist to ensure you are achieving the optimum performance out of your flocks.

Ukraine are now 9 days into a war and a situation nobody would have dared predict would happen. In terms of agriculture, Ukraine is home to 25% of the world’s ‘black soil’, mineral rich soil that helps to make it one of the biggest producers and exporters of barley, sunflower, corn, wheat and potatoes. The conflict does not seem to have impacted the $/£ or €/£ exchange rate. Wheat, being one of the largest raw material export from both Russia and Ukraine, has seen in-comprehendible highs of close to £287 on May futures. The soya market, despite not being drawn from the Black Sea regions, has felt spillover support from the threat to other oilseeds, mainly sunflower. Ukraine is the biggest producer of sunflower in the world, and heavily manipulates the veg oil market. The UK imports circa 107,000 tonnes of organic wheat each year, all of which comes from the Black Sea and the Baltic States. Organic protein is less of a concern because the origin for soya and sunflower here is mostly China, India and Turkey. It has been well documented that the rest of the world is heavily reliant on Russian gas and oil. At the time of writing, the market swings would suggest that compared to a week ago on replacement, conventional prices are likely to rise around £40 per tonne, with organic £40-50. Now more than ever, our Poultry Specialists are ready to work with you to ensure maximum efficiency and performance for your birds. Before Volodymyr Zelensky was Ukraine’s President, he was the voice of Paddington Bear!

The £ continues to hold steady. The main story continues to be between Russia and Ukraine. The USDA report had very little impact on wheat prices. This week prices continued to move lower. We are starting to see a split with an additional premium being put on feed wheat in the north of the UK. Soya continues to be led by weather with little rain falling across South America. China have also been bad buying which tends to lead the market.

The £ has kept relatively stable. Wheat is currently up on the week. The Russian and Ukraine story continues to bubble in the background. China have confirmed they have signed a trade policy which opens imports from across Russia. Plantings are all very much about re-building stocks. US is looking slightly dry across central regions. Soya markets reacted more to the USDA report. China are not as well covered as previously thought.

Currency remained unchanged this week. Wheat remains volatile. Nothing has changed with old crop but the market is watching the situation between Russian and Ukraine carefully. Winter wheat does not seem to be showing an effect from the current dry weather. UK farmers are also reporting a good start to the season. Soya markets remain extremely sensitive to any crop numbers and weather reports. Veg oil markets have seen strong support this week from both curbs in palm oil experts and crude oil. Clever orcas are learning how to steal fish from fisheries.

The £ fell back slightly to more recognisable levels. Wheat is now almost becoming an ‘old crop, new crop’ story. The market relies strongly on Russia and Ukraine. Soya is becoming increasingly price sensitive to new stories. China appear to be back buying. Nothing has changed in the organic markets this week. Protein prices are stable at origin.

The £ continues its rally. Traders have been shorting the £ as currency was hit pre Christmas. Global wheat has seen a slight uptick this week. The USDA report was bearish for wheat. Australia and Argentina’s harvests are all but done now with quality rather than volume being the issue. Soya was largely seen as bullish. Nothing has changed in the organic markets this week. Protein prices are stable at origin. A sudden surge in growth for the Indian poultry industry. Amateur Astronomers will be able to see asteroid next week as it passes Earth at 43,000 miles per hour.