Market reports

Malting Barley

• Spring barley plantings continue to progress with weather conditions proving generally favourable, albeit still mixed, over the last week. England is now over 85% planted, meanwhile, Scotland is approaching the 50% mark with rapid progress expected over the next week. Although late, the UK has managed to get a crop in the ground, which on paper, should be able to supply domestic requirements. It will be interesting to see how the quality of this late drilled crop fares come harvest – more weather watching.
• Quality premiums are lower on the week as feed markets break out of their recent range, meanwhile, malting prices struggle to keep pace with a more comfortable planting situation and muted demand.

Rapeseed

• Ag markets have been mostly higher this week, posting an upward correction from recent negativity, although soybeans remain on a downward trajectory. We have seen support from rising global tensions, however, any major gains have been capped by positive planting conditions in the US this week, as well with funds approaching record short levels. Crop planting progress has now passed 8% in the US, although the forecast does change and we get into the second half of next week with higher chances of precipitation, which may slow things down. LSEG has lowered their Argentine crop production by 1% to 49.8 mln t vs. USDA’s 50 mln t. Bunge’s CEO has reported stronger-than-expected profits due to good oilseed processing has mentioned that some rival crush plant expansions are being put on hold due to weak margins.
• Energy markets are higher this week, finding some support from positivity in equity markets alongside positive European data has improved economic sentiment. China’s imports of Russian oil were near record high in March, as refiners took stranded Sokol shipments. Imports were up 12.5% compared to the previous year at 10.81 mln t. On the other hand, China’s march fuel oil exports fell 32% year-on-year to 1.32 mln t. This week’s EIA report gave a 6.3 million barrel decline disrupted a five-week inflow of stocks which has expanded the year-over-year deficit again.
• Veg oils have been mixed this week with palm close to unchanged so far. Ukraine is set to plant more oilseeds, mainly soybeans and rapeseed, with area predictions up 18% and 7% respectively. In Indonesia, exports of palm oil are expected to recover in April after falling behind the month’s average in both February and May. PostNL has added 4 million litres of biofuel to the European diesel network to reduce emissions.
• Canola is higher this week, although prices remain within a downward channel after attempting to break out to the upside. Farmer deliveries still remain well behind usual at 69% vs 77% on average by this time of year. In Canada, margins have dropped slightly week on week.
• MATIF rapeseed is higher this week, despite the fact that seasonally we would expect to see a drop-off, although prices have lost momentum over the last couple of days. At the start of the week, we saw a good pickup in biodiesel demand, likely from the above from PostNL, which has given some support. For now, prices remain within the recent range between €445 and €466 until we find something to push in a certain direction.

Pulses

• The window on spring drilling has now closed on beans, however, peas are still going in across the UK, offering a good cropping option to set the land in fine fettle ahead of the first wheat next year. Weather is hampering pea drilling in places, however, for the most part, peas seem to be going in reasonably well, with some areas even dry enough to see the novelty of rollers being able to be used! Bean emergence is looking reasonable in the South East of the UK especially, maybe there is a more positive light at the end of the recent weather tunnel after all!
• Temperatures are forecast to be slightly below average for the UK and Western Europe over the coming week. I’m sure everyone will be surprised to read that there is plenty of rain in the forecast also. Admittedly though, with most crops now emerging, other than the last bits of sugarbeet, peas, and oats going in, little and often on the rainfall is possibly no bad thing. The main thing to watch is if we continue to see these cold winds as we progress through the growth cycles, there could be some stemming issues with reduced pod sites and the obligatory knock-on to yields. However, it is still early days and plenty remains to be seen. With the potential of some growers having larger-than-expected pulse crops, now is a great time to talk to your farm trader about the different marketing options still available to you.
• Finally, the obligatory PGRO plug to those of you who are eligible to be members. If you are not already signed up to the PGRO mailing list, you can sign up at https://www.pgro.org/, where levy payers are able to access all sorts of advice and support on all things pulses for free!

Fertiliser

• Urea prices have been correcting downwards over the past few weeks, but now appear to have found a floor with buyers returning and ammonia pricing finding support.
• Egyptian urea prices have edged higher by $15/t yesterday with sales into Europe for May/June shipment. Freight pricing is firming and energy pricing all looks very nervous with the ongoing activity in the Middle East.
• Ammonium nitrate prices remain unchanged as buyers are still active and manufacturers in Europe and the UK are busy servicing this year’s requirements.
• The spot market remains active in many regions across the UK on NPK(S), straights, and NS products. Spring cropping and application periods have been pushed backward with what has become a late spring.  
• With all grain prices moving higher for both the 2024 and 2025 harvests, some urea offers for the next campaign are beginning to emerge. Urea offers a good cost-effective option for farmers to lock in some nitrogen for spring 2025 applications when selling forward grains.
• If you are considering covering a % of your forecasted nitrogen requirements today, call us to hear what options we have.

NB: Prices quoted are indicative only at the time of going to press and subject to location and quality.

“Although ADM Agriculture take steps to ensure the validity of all information contained within the ADM Agriculture Market Report, it makes no warranty as to the accuracy or completeness of such information. ADM Agriculture will have no liability or responsibility for the information or any action or failure to act based upon such information.”

ADM Agriculture cannot accept liability arising from errors or omissions in this publication.

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Terms and Conditions of Purchase.

On every occasion, without exception, grain and pulses will be bought by incorporating by reference the terms & conditions of the AIC No.1 Grain and Peas or Beans contract applicable on the date of the transaction. Also, we will always, and without exception, buy oilseed rape and linseed by incorporating by reference the terms & conditions of the respective terms of the FOSFA 26A and the FOSFA 9A contracts applicable on the date of the transaction. It is a condition of all such transactions that the seller is deemed to know, accept and understand the terms and conditions of each of the above contracts.