- The old saying ‘up corn, down horn’ continues to play out with grain prices remaining well supported and meat values coming under further pressure.
- Livestock producers are under increasing pressure from higher feed prices and less available forage with cattle being slaughtered earlier than usual as result.
- Feed compounders continue to take cover helping prices of wheat back to levels not seen since 2013.
- Wheat prices took a breather today following five successive days of strong daily gains.
- An independent crop tour in Canada estimates a slight increase in both wheat and canola yields.
- IGC cuts its World wheat forecast by 16MT to 721MMT, this would be the lowest since 2013/14.
- France’s wheat growers association AGPB sees French wheat production falling to 35MT, below last years 36.6MT.
- Rapeseed prices continued to move higher following higher veg oil and soybean prices.
- Soybean values were supported as President Trump announced that the EU had agreed to import more US soybeans.
- Chinese demand for US soybeans continues to look uncertain amidst the Trade War between the US and China.