UK trades/markets

Wheat cash & futures markets keep edging lower.

Wheatfeed continues to get dragged down by wheat with Jun/Sep pellets traded ex South East locations at £110 yesterday, down £5 in a week. Interestingly in many cases recently it's been compounders who are selling these summer positions. An indication that May compound sales have been poor, or simply end-users juggling their books? I know where my money is going on that one, and it doesn't look like it's going to get any better in June either. Certainly I am hearing stories of end-users cancelling next week deliveries and asking if May balances can be deferred into June. Like they think things are going to pick up in June, that well known big summer feeding month!

Bank Holiday weekend material appears to be trading/offered at all sorts of prices, with transport difficult (ie expensive) to get across the long weekend, this is being reflected in the price that merchants/end-users are willing/able to pay. As one wag said yesterday "I haven't got the room, I haven't got the lorries & I haven't got the sales, it wouldn't matter if it was £50/tonne!"

Oct08/Apr09 traded a couple of times yesterday at £116 ex the standard South East range of locations, with other bits and pieces reported done at nominal premiums for 8mm pellets & specific mills.

Hand to mouth buying is the order of the day on pretty much everything else.

Got potential resale offers on hi-pro soya Humber/Southampton £POA.

The rapemeal market is dead, with prices around £8-10 up off their recent lows buyers have backed away. Stocks appear to be more than adequate to cover crushers planned downtime during June/July, ahead of new crop in August. The weather appears conducive to favourable crop development and existing crusher/shipper sales are reputedly only around 25% of anticipated production.

Nearby Erith material reported traded £178 yesterday and £177 this morning for odd loads here and there.