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straights report
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Straights Update

 30th January 2018 0845 602 7321 Currency – £/$ 1.4114  £/Euro 1.1371

Sterling has moved to current levels aided by weakness in the dollar.  However Mr Trump stated ‘the dollar is going to get stronger and stronger and utimately I want to see a strong dollar’.  The UK is reeling from the latest round of Brexit negotiations, ‘leaks’ of how Brexit will depress the business and industry sector and discontent from some Tory MPs with Theresa May.  Ideas of a leadership election have been enough to weaken sterling slightly this week.  The pound at this level has softened the rise in soya prices in particular which have strengthened on the continued drier conditions in Argentina which has meant less acreage planted and concerns over yield prospects.  64% of the crop is now rated as either ‘poor’ or ‘fair’.  Funds remain a lot shorter than usual on the soybean markets which increases the probability of short covering as unfavourable global weather events occur instilling the prospects of volatility.

Rapeseed meal has firmed on the back of soya but the announcement that the EU will phase out the use of palm oil in biodeisel by 2021 and limit veg oil usage in biofuel.  This has resulted in price declines in palm oil which has weighed on rapeseed values.

The Chicago wheat markets moved up this week fueled by reports of deterioration in the condition of US winter wheat seedlings.  The Southern Plains have been experiencing dry conditions followed by sharp drops in temperature consequently Kansas, the top growing state, now has only 14% of the crop rated in the ‘good’ to ‘excellent’ rating.  Oklahoma, second rated is down to just 4%. However in the regions further north where snow cover has protected crops against the cold ratings have improved.  This side of the Atlantic is another matter with prices struggling to compete with the ample supplies from Black Sea and Argentinea.  The UK trundles on despite a tight balance sheet prices have been eroded with the stronger currency limiting imports.

The distillers market is a difficult one to judge.  If Vivergo delays (?) starting up again there will be a need for alternatives.  Plants on the continent are experiencing similar difficulties to Trident so there is currently no imported being offered.  There is meal available and this could be the only supply available until mid summer.  There is strong interest in Maize Distillers and to a certain extent rapemeal.  What we need is a nice early spring!

 
 
SOUTHERN PORT GUIDE PRICES
Please phone your local trading office for individual quotes
30/1/2018
Feb– April 18
May – Oct 18
Nov –Apr 19
 
Hipro Soya
302.00
299.00
300.00
 
Price change since
18th January 2018
+8
+8
+14
 
Rapemeal
Ex South Coast
198.00
m-july 198
Aug-Sep
191.00
 
Price change since
18th January 2018
+11
+6
0
 
Soya Hulls
160.00
asa151.00
155.00
 
Price change since
18th January 2018
-3
+1
-1
 
Sugar Beet
175.00
178.00
169.00
 
Price change since
18th January 2018
+8
+6
+3
 
Maize Dist
188.00
184/177
168.00
 
Price change since
18th January 2018
-
-
-
 
Wheat Gluten
155.00
146.00
 
 
Price change since
18th January 2018
+1
+5
 
 
Maize Gluten
166.00
161/154
145.00
 
Price change since
18th January 2018
+1
+1/+2
-
 
Whole Maize
163.00
167.00
Plus £10
 
Price change since
18th January 2018
-1
0
ground
 
Rapemeal
Ex Erith
185.00
May-Jul 185
 
 
Price change since
18th January 2018
+12
+11
 
 
 
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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