The Pound Under More Pressure
The pound is heading for its largest ever weekly drop against the euro as more and more evidence emerges that the UK is in recession.
Sterling hit an all-time low against the euro of 86.63 pence yesterday, and hovers just above that this morning at 85.35 at 9am GMT.
The currency seems now firmly entrenched below $1.50 for the thrid day running, currently standing at $1.4862.
The currency's demise, against the dollar in particular, is largely responsible for the little bounce in domestic feed prices this week which sees hipro soya up around £6-7/tonne.
As Cefetra put on their list yesterday, a one cent fall against the dollar adds £1.50/tonne to the price of soya. Considering that the pound started the month at $1.64 and we are now $1.48, that's equivalent of £24/tonne extra on the price of soya in the last fortnight, ignoring Chicago fluctuations of course.
Sterling hit an all-time low against the euro of 86.63 pence yesterday, and hovers just above that this morning at 85.35 at 9am GMT.
The currency seems now firmly entrenched below $1.50 for the thrid day running, currently standing at $1.4862.
The currency's demise, against the dollar in particular, is largely responsible for the little bounce in domestic feed prices this week which sees hipro soya up around £6-7/tonne.
As Cefetra put on their list yesterday, a one cent fall against the dollar adds £1.50/tonne to the price of soya. Considering that the pound started the month at $1.64 and we are now $1.48, that's equivalent of £24/tonne extra on the price of soya in the last fortnight, ignoring Chicago fluctuations of course.
