Weather remains in the spotlight.
Due to the poor weather conditions, US spring wheat scores fell to 27% good and excellent.
The US winter wheat harvest reached 17% complete by late last week, making good progress from the 4% complete the previous week.
In the UK, favourable weather conditions have bolstered potential production prospects for our domestic new crop. Talk is heading more towards 15Mt for the wheat crop, which would help to offset tight starting stocks and potentially allow for exports from South/East England.
US soyabean crop conditions are in focus now that the South American harvest is essentially complete. Rain last week likely improved conditions for the crop and more is forecast for this week. But, not all areas received rain and the key yield forming periods are still to come.
US soybean condition scores fell 5% to 62% good and excellent due to the dry weather and lack of rainfall in some areas.
The announced export sales of 330Kt of soybeans to China next season failed to push Chicago soybean markets higher as the weather remains the key driver.
We are eagerly waiting for the USDA report on the 30th June of stocks and acres in the US. This is a critical report in which way the market will go.
The UK sugar beet crop is recovering after a slow start. Prices are likely to remain firmer than last year as area is down in the region of 10%.
If you have any queries please do not hesitate to ask.
Contact the office on 01409 254 300 for on farm prices.
Email: Rawmaterials@harpersfeeds.co.uk
