Feed Outlook* – Oct 2017

First published:

Length: 108 words; <1 minutes

Soyabean harvest image

The impact on feed prices of a possible record US soyabean harvest and huge Russian wheat crop continues to drive interest in extending forward cover.

Protein feed prices in particular are relatively low compared to recent history, with limited scope for further falls. A large US soyabean harvest is needed to meet growing global demand, and any indication of lower yields will likely cause markets to react sharply.

Despite the effect of cheaper Russian wheat exports, wheat quality issues in the US and a struggling Australian crop may yet cause prices to rally. Rolled cereals also remain less competitive than alternatives like the confectionery and breakfast cereal blends.

“Protein feed prices…are relatively low compared to recent history…”​​

Key facts & figures:

  • Latest USDA1 soyabean yield estimates of 49.7bu/ac2 the second highest ever

  • Nov-Apr soyabean meal at £270-280/t not far off best lows of past eight years

  • Drop in winter molasses price makes ReguPro 50 good alternative to rapemeal

  • Huge 83-86mt Russian wheat crop but no capacity to export all surplus

  • Opportunities to secure additional energy feed cover as prices settle

  • SweetStarch offers more energy than rolled cereals for similar delivered price

1 United States Department of Agriculture
2 bushels/acre

* Prices correct at the time of writing and subject to change. Unless otherwise stated, all prices quoted are for 29t tipped bulk loads delivered on-farm within 50 miles of origin.

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