The £ continues to struggle to find any real support. Wheat continues its very clear downward trend this week. The USDA report this week was viewed very much as bearish. The world is still not awash with wheat and despite the UK having an exportable surplus. Soya still has this old crop/new crop story with Argentinian old crop premiums still holding until the US crop is further developed and close to coming to market. The planting story in the states so far is a positive one with good temperatures. Organic prices are slowly falling. Quarter 4 for this year is looking like our first opportunity in the past 12 months for prices to ease.

Currency unfortunately continues to move lower. Consumer confidence is now at a record low with inflation forecast to hit as high as 11% this winter. The wheat market has been in a very clear downward trend this week with fund holders now moving to net short positions for the first time since 2020! The message seems to be that the global balance sheet for wheat is still tight, but far from as bad as previously thought. For soya, US plantings are currently in line with their 5 year average planting pace. Organic prices are slowly falling this week for the first time in months. After months of uncertainty and wondering when markets would reach their peak as they continued to break records, it does feel that the last quarter of 2022 could begin to give some signs of pressure easing on feed prices.

Currency has had a relatively stable week with the vote of no confidence against Boris seemingly having little affect on the £. The wheat market continues to move in a volatile manner this week. Pre the Jubilee weekend, we saw sharp moves lower on the back of the humanitarian corridor for grain movement being discussed out of Ukraine. Soya prices now continue to be all about the US plantings story. The sunflower picture is also now beginning to ease with traders globally now having a better understanding of what stock is where, reducing some of that risk premium from the markets. We are beginning to see offers for both grains and protein for new crop.

Currency has seen a slightly better week. The sentiment against the £ is still bearish. The wheat market has been on a continued downward trend. This week we have also seen reversals on the Indian export ban. We also saw an example of the ‘war premiums’ built into this market. Soya is becoming an old crop/new crop story now. Soya Bean hit their highest ever value on Chicago. Sunflower markets continue to look difficult with more reliance on the much smaller Argentinian crop now. We are beginning to see offers for both grains and protein for new crop.

Currency continued to move lower this week. The UK is the world’s 5th biggest economy and it is becoming more apparent with inflation. Wheat markets hit new highs this week across the world. Ukraine reduced their production estimates for this season. Maize could be featuring more in rations this winter as it is currently trading at a discount to wheat. Soya markets rallied of their lows. The focus is now on US plantings. We are beginning to see offers for both grains and protein for new crop.

The £ continued to drop down this week. The election results pushed Sterling to a new short-term low. There does not appear to be any short-term solution to the conflict in Ukraine which will continue to have an impact on the cost of living. Wheat markets have continued to rally. Prices did ease back slightly from the highs. Looking at the US they have a major split in weather. Soya markets have continued to ease back as the market switches its focus to the US. We are now beginning to see some offers of high grade sunflower material and low grade come to the market for the winter period. With a high proportion of organic raw materials coming from the Black Sea regions, and there have been questions raised over the supply chain and if material will be available. The cost of storage and the limited amount of supply has meant that prices have reached new highs. There will be significant rises over the coming months which we are doing all we can to communicate to packers and supermarket suppliers. Celebrating the Queen’s 70 Years on the throne.

The £ continued to drop this week back to $1.25. Wheat markets continue their rise upwards. We are seeing a very real split between the amount of buyers in the market against the amount of sellers for July old crop position in the UK. Ukraine expect to produce 70% of their normal crops this coming season which is a phenomenal achievement. Soya is down week on week. Attention is beginning to turn more to the US for soya. 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. If only the retailers saw this episode of Harry’s Farm.

The £ dropped below $1.30 sparked by concerns over the energy price rises and UK cost of living. Wheat markets continued their rise upwards after the largely bullish WASDE report. The main headline stories remain Russia/Ukraine and the impact on export availability and new crop plantings. The demand for UK old crop is weakening now. Soya switched after initially dipping pre report on the back of the news that US farmers would be increasing their plantings over corn this season. 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.

Currencies were in the same very small range bound positions. The first data from hospitality businesses post Covid restrictions has filtered through and showed positive results helping to support the £. Wheat markets had a split week, taking a dip towards the back end of last week. The USDA report itself kept US quarterly stocks largely inline with trade expectations. The report and continued situation in Ukraine sent market back sharply higher as we closed this week. Soya dropped post USDA report after the report suggested that farmers will favour planting soyabeans over corn this coming season because of the lower cost of inputs and less demand on fertiliser. There are still issues with Argentina’s soya crop this season. 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.

Currencies experiencing more support this week. An increase in interest rates pushed £ back up to previous levels. Wheat markets continue to trade at new highs due to break down in peace talks. May futures up to £316. Less volatility in daily swings. Buying opportunities politically driven and should be taken advantage of to take cover. Soya fell back despite bullish news stories. Argentina increased an export tax. Despite good solid stocks available to fulfil contracts, Organic prices have pushed higher and more of the same is expected to continue in the coming months. Please speak with your sales representative to help maximise the performance of your flocks.