Today is: Wednesday 22 February 2012 23:15:29
weekly feed report
Trying to make sense of the markets during the current financial crisis, is next to impossible. The funds are still selling [dumping?] commodities; 13mt of maize has been sold in the two weeks following the 12th September, but they are still clinging on to 33mt of soya beans. [I think the CFTC should make them eat it]. On Wednesday this week, the f...
November wheat futures declined over the week from last Fridays close of £168.50; with closing values of Mon-Thu, £167.40, £165.25, £164.75, £161.25. After losing £7.25 over the week, Friday appears to be an up day so far. Both US and UK price movements mirrored maize, as it fell from about $7.5/b to $7.0/b over the week. US wheat and maize are pri...
The currency graph tells an interesting story, of £ losing against $, but gaining against € - strange particularly since $ took a bit of an economic bashing last week. £ would be strong against the $, but for the fact that mid-week the Swiss Central Bank enforced a ceiling for their currency, and the $ enjoyed the benefits, whilst many currency tr...
Economic news dominated the end of the week; whilst there were fears for the release of the latest US jobless figures, the fact that they were worse than most pundits were expecting sent world stockmarkets down, with the FTSE 100 losing 3%. As ever, commodities were caught in the cross fire. Wheat was heading down £2 on the day, and looking like ...
UK November futures closed at £163.55 last Friday, which was followed by two up days £2.45 and £3.00, a no change day, then £1 then £1.75. However soya bean meal stole the show this week, after Fridays close at $354/short tonne, Monday closed at $362, and Tuesday at $368, ending the week at $376, moving through to top of its recent range. It is tha...
In terms of the weakest link, Black Sea wheat prices are the lowest in the world at $30/t less than Paris, as a result it is believed that the Russkies will have exported over 3mt this month. It is thought they are in a hurry to sell now, to accumulate $s before the potential for winter ice slows their export trade. Indeed the fear of logistical pr...
The turmoil of stock exchanges dominated everything this week, with ugly rumours about France and its biggest banks. So commodities took a back seat until the USDA’s report on Thursday, which announced a reduction of yields of both US maize and soya, and maize went limit up ($0.30/b), and soya jumped $0.33/b. Maize production is estimated to ...
The UK wheat harvest has already started for the early birds – thanks to a sunny weekend. Spot wheat prices on 1st August were £168, the highest price paid for wheat at this date (Aug 1st) in recent years: 2006 £ 81.50 2007 £129.50, 2008 £130.00, 2009 £103.50, 2010 £151.00. Wheat prices post-Aug 7th fall to £161, almost the sam...
A nail-biting week. The UK wheat harvest has already started in some areas of the country, to the great relief of many feed compounders whose old stock wheat contracts are nearly exhausted. The US maize rally ran out of steam having jumped from $6.05/b on 1st July to $7.23 on the 19th; it is now relatively static at $6.90/b. UK wheat (November futu...
US maize (December futures) increased in price from a low of $5.81/b on 1st July by 20% to $7.00/b this week, mainly driven by the weather and pollination. A Chicago broker (helpfully!) believes maize prices could reach a record $8.75/b if drought persists, but could drop to $4.50/b in ideal weather conditions. November UK wheat traded +/-£3 aro...
Just as the Kansas wheat harvest nears completion, the USDA confused the market. The previous USDA report was bearish as it indicated big carry-out stocks and good plantings. Then on Tuesday it lowered the outlook for both maize and wheat supply (a ploy we suspected!). The trade was expecting a maize carry out of 1000mb, but the USDA predicted e...
After last week’s large moves, volatility this week was more subdued with Monday-Fridday November futures closes at +£2, +£3, -£2, -£1.85, +£3.5. The high of the week was £167 and the low was £159. On Tuesday, a single chunk of 850 lots traded – 85,000 tonne; over the week, the Open Interest fell by about 1000 lots. The Rabobank believe t...
Last weeks’ slide in wheat prices left November wheat futures at £163.50 on Fridays close. Monday closed lower at £158.50, was £164.25 on Tuesday as the USDA reported deteriorating maize crop conditions. Then wheat closed higher at £168.50 on Greek-vote-Wednesday. On USDA-Thursday Maize plantings were put at 92.2ma (88ma last year) about 1.5m...
Similar to newspaper stories, commodity news tends to be negative; particularly when supply and demand are so equally matched. So it is with some pleasure that we report that November wheat prices having hit about nearly £200/t at the end of May, ended this week at £163.50. We urge caution for those considering contract forward at these lower level...
This was a very strange trading week, when everything went into reverse. After last weeks’ USDA report, US maize was in an upwards trend, hitting a new all-time high on Friday at almost $8.0/b (July futures), which also lifted US wheat. This was not surprising because the US maize Stocks To Use (STU) ratio is 5.2%, the 2nd tightest in history...
US maize has been in an upwards trend since 12th May ($6.60/b), as old crop supplies dwindles to a 15-year low; but prices have hit resistance at around $7.70/b five times, but buckle because the trade believes that livestock producers will use wheat ($7.60/b) instead. [With animals and cars competing for the same cereal, this had to happen. Appa...
Last weekend, Putin announced that the Russian export ban would end on July 1st, and new crop wheat prices fell about ’10 over the week. A child of the cold war, and ex-spy, he may understand how to intimidate people but he does not understand (capitalist) markets. In a damage limitation exercise the Russian Grain Union announced that Russia ...
Old crop wheat prices are probably £25 down from their highs a month ago. But as old crop prices have declined, new crop prices have risen. A month ago the difference between old and new crop was £35/t, now as new crop wheat prices hit a high this week at £199, this is pretty much the same value for spot delivery to the mill this week. Supplies of ...
Last week we commented on the volatility of the markets, but this week was a Humdinger. On Monday the Head of Commodities at Hermes, told the Financial Times, that Commodities outperformed Equities by about 4% per annum for the past decade, and he was still friendly (it is going up) to copper, crude oil and maize. Then a rumour circulated on Tuesda...
November wheat futures hit a high of £180 on 26th April, just £3 short of the contract high in early February. In the six trading sessions since then, it has fallen £16/t to £164 and is currently trading near £172. UK wheat delivered to the mill is £202. We have been buying wheat and soya for more than 30 years, and we have stressed and sweated ...
November wheat futures declined over the week from last Fridays close of £168.50; with closing values of Mon-Thu, £167.40, £165.25, £164.75, £161.25. After losing £7.25 over the week, Friday appears to be an up day so far. Both US and UK price movements mirrored maize, as it fell from about $7.5/b to $7.0/b over the week. US wheat and maize are pri...
The currency graph tells an interesting story, of £ losing against $, but gaining against € - strange particularly since $ took a bit of an economic bashing last week. £ would be strong against the $, but for the fact that mid-week the Swiss Central Bank enforced a ceiling for their currency, and the $ enjoyed the benefits, whilst many currency tr...
Economic news dominated the end of the week; whilst there were fears for the release of the latest US jobless figures, the fact that they were worse than most pundits were expecting sent world stockmarkets down, with the FTSE 100 losing 3%. As ever, commodities were caught in the cross fire. Wheat was heading down £2 on the day, and looking like ...
UK November futures closed at £163.55 last Friday, which was followed by two up days £2.45 and £3.00, a no change day, then £1 then £1.75. However soya bean meal stole the show this week, after Fridays close at $354/short tonne, Monday closed at $362, and Tuesday at $368, ending the week at $376, moving through to top of its recent range. It is tha...
In terms of the weakest link, Black Sea wheat prices are the lowest in the world at $30/t less than Paris, as a result it is believed that the Russkies will have exported over 3mt this month. It is thought they are in a hurry to sell now, to accumulate $s before the potential for winter ice slows their export trade. Indeed the fear of logistical pr...
The turmoil of stock exchanges dominated everything this week, with ugly rumours about France and its biggest banks. So commodities took a back seat until the USDA’s report on Thursday, which announced a reduction of yields of both US maize and soya, and maize went limit up ($0.30/b), and soya jumped $0.33/b. Maize production is estimated to ...
The UK wheat harvest has already started for the early birds – thanks to a sunny weekend. Spot wheat prices on 1st August were £168, the highest price paid for wheat at this date (Aug 1st) in recent years: 2006 £ 81.50 2007 £129.50, 2008 £130.00, 2009 £103.50, 2010 £151.00. Wheat prices post-Aug 7th fall to £161, almost the sam...
A nail-biting week. The UK wheat harvest has already started in some areas of the country, to the great relief of many feed compounders whose old stock wheat contracts are nearly exhausted. The US maize rally ran out of steam having jumped from $6.05/b on 1st July to $7.23 on the 19th; it is now relatively static at $6.90/b. UK wheat (November futu...
US maize (December futures) increased in price from a low of $5.81/b on 1st July by 20% to $7.00/b this week, mainly driven by the weather and pollination. A Chicago broker (helpfully!) believes maize prices could reach a record $8.75/b if drought persists, but could drop to $4.50/b in ideal weather conditions. November UK wheat traded +/-£3 aro...
Just as the Kansas wheat harvest nears completion, the USDA confused the market. The previous USDA report was bearish as it indicated big carry-out stocks and good plantings. Then on Tuesday it lowered the outlook for both maize and wheat supply (a ploy we suspected!). The trade was expecting a maize carry out of 1000mb, but the USDA predicted e...
After last week’s large moves, volatility this week was more subdued with Monday-Fridday November futures closes at +£2, +£3, -£2, -£1.85, +£3.5. The high of the week was £167 and the low was £159. On Tuesday, a single chunk of 850 lots traded – 85,000 tonne; over the week, the Open Interest fell by about 1000 lots. The Rabobank believe t...
Last weeks’ slide in wheat prices left November wheat futures at £163.50 on Fridays close. Monday closed lower at £158.50, was £164.25 on Tuesday as the USDA reported deteriorating maize crop conditions. Then wheat closed higher at £168.50 on Greek-vote-Wednesday. On USDA-Thursday Maize plantings were put at 92.2ma (88ma last year) about 1.5m...
Similar to newspaper stories, commodity news tends to be negative; particularly when supply and demand are so equally matched. So it is with some pleasure that we report that November wheat prices having hit about nearly £200/t at the end of May, ended this week at £163.50. We urge caution for those considering contract forward at these lower level...
This was a very strange trading week, when everything went into reverse. After last weeks’ USDA report, US maize was in an upwards trend, hitting a new all-time high on Friday at almost $8.0/b (July futures), which also lifted US wheat. This was not surprising because the US maize Stocks To Use (STU) ratio is 5.2%, the 2nd tightest in history...
US maize has been in an upwards trend since 12th May ($6.60/b), as old crop supplies dwindles to a 15-year low; but prices have hit resistance at around $7.70/b five times, but buckle because the trade believes that livestock producers will use wheat ($7.60/b) instead. [With animals and cars competing for the same cereal, this had to happen. Appa...
Last weekend, Putin announced that the Russian export ban would end on July 1st, and new crop wheat prices fell about ’10 over the week. A child of the cold war, and ex-spy, he may understand how to intimidate people but he does not understand (capitalist) markets. In a damage limitation exercise the Russian Grain Union announced that Russia ...
Old crop wheat prices are probably £25 down from their highs a month ago. But as old crop prices have declined, new crop prices have risen. A month ago the difference between old and new crop was £35/t, now as new crop wheat prices hit a high this week at £199, this is pretty much the same value for spot delivery to the mill this week. Supplies of ...
Last week we commented on the volatility of the markets, but this week was a Humdinger. On Monday the Head of Commodities at Hermes, told the Financial Times, that Commodities outperformed Equities by about 4% per annum for the past decade, and he was still friendly (it is going up) to copper, crude oil and maize. Then a rumour circulated on Tuesda...
November wheat futures hit a high of £180 on 26th April, just £3 short of the contract high in early February. In the six trading sessions since then, it has fallen £16/t to £164 and is currently trading near £172. UK wheat delivered to the mill is £202. We have been buying wheat and soya for more than 30 years, and we have stressed and sweated ...
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