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Straights Update

 8th August 2018 0845 602 7321 Currency - £/$ 1.2869  £/Euro 1.1102


Grain – globally the wheat stocks to usage ratio is reported at 35% which is the second highest in at least 30 years so why are supply perceived as tight and prices rising?  Drilling down into this figure China holds 136.1MMT which is 52.2% of the total stock figure.  China, while being the second largest grower of wheat has little impact on world stocks as they are largely self- sufficient neither importing or exporting significant tonnage and so when this is taken out of the equation the stocks to usage ratio comes down to 20% which is the lowest since 2007/8 when it was 17.5% and prices reached record highs.

Corn stocks to usage ratio has been reduced to a new low of 13.97% which has been attributed to a 16.5% decline in Brazilian and Argentinean production and a 12.6% decline in output from Russia and Ukraine.  Global corn usage is being estimated at an all time high of 1.088 billion tonnes which is a 2.1% increase on last year’s record level.  Early in the year the funds held record long positions however all the reports continued to increase yield forecasts, there was no NAFTA (North American Free Trade Agreement) in place and there was the fallout from the impending China US trade tariff war keeping the markets low meaning the funds were selling at a loss.  Slow demand has now focussed the markets on the actual fundamentals of a smaller crop helping to move this market in the same direction as wheat albeit at a slower rate so still looking a buy.

Soya prices have firmed slightly this week partly on currency and a poorer than expected US soybean condition report.  There were more US tariffs announced yesterday on Chinese goods which will no doubt be countered.  In Brazil a judge has suspended the use of products containing glyphospate with no new products containing it being registered for use and all existing registrations suspended for 30 days until the government has re-evaluated their toxicology.   This obviously has huge implications particularly with the opportunity to increase production to supply China.  This will obviously be contested strongly by the likes of Monsanto.   

Profresh Plus – is a dry granular, buffered propionic acid based preservative for use in the prevention of fungal growth in animal feeds, total mixed rations, silages and stored grains.  The slow release formula gives effective prolonged control of aerobic spoilage yeast and mould resulting in higher retained feed value and better intake in all classes of livestock.

SOUTHERN PORT GUIDE PRICES

Please call your local trading office for an accurate quotation as these are guide only and may vary in your region.

SOUTHERN PORT GUIDE PRICES
Please call your local trading office for an accurate quotation as these are guide only and may vary in your region.
08/8/2018
August
Sep – Oct 18
Nov –Apr 19
May-Oct 19
Hipro Soya
332.00
337.00
337.00
327.00
Price change since
2nd Aug 2018
+6
+6
+3
+7
Rapemeal
Ex South Coast
245.00
244.00
245.00
May –July
245.00
Price change since
2nd Aug 2018
+1
0
+6
+3
Soya Hulls
193.00
195.00
194.00
 
Price change since
2nd Aug 2018
 0
0
-4
 
Sugar Beet
214.00
214.00
asa 203
May – Sep
211.00
Price change since
2nd Aug 2018
-5
-7
-2
+2
Maize Dist
POA
asa 234
Oct-Apr 222
225.00
Price change since
2nd Aug 2018
-
+5
0
 0
Wheat Gluten
asa 200
198.00
199 - Dec
 
Price change since
26th  July 2018
 
+5
+3
 
Maize Gluten
POA
asa Oct 206
206.00
211.00
Price change since
2nd Aug 2018
 
+2
+2
+2
Whole Maize
POA
LH Sep 210.00
193.00
May-Sep 196.00
Price change since
2nd Aug 2018
 
+12
-4
Plus £10 ground
Rapemeal
Ex Erith
230.00
226.00
231.00
 
Price change since
2nd Aug 2018
 +6
+2
 
+2
 
 
The information contained within this report is given in good faith and without liability.
Any opinions expressed are subject to change without notice.
 
 
   
 
 
 
 

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