Wheat and soya meal futures both hit new contract lows again this week according to the latest feed market update from BPEX.
“UK feed wheat futures (Nov-14) closed at a new contract low of £109.75/t on Tuesday, down £2.85 on the week,” reported BPEX. “Chicago wheat and maize futures both declined by over $7/t over the week.
“The main driver behind the price falls is the positive outlook for grain supplies this season and the continued upward revision of production estimates. In their latest forecast, for example, Strategie Grains increased their estimate for 2014/15 EU wheat, barley and maize production, while Ukraine is also expected to produce more feed wheat this season.”
The BPEX update also looks at soya futures, noting that Chicago soyabean futures (Nov-14) have closed at a contract low each day since last Thursday.