This episode of Feedcast is brought to you by Chris Davidson and James Barker. Today they discuss the current wheat market, the latest USDA report and what opportunities there are currently.

Starting with the wheat, we are beginning to see interest in the new crop especially around November pricing, where it looks like there is a £50 discount on new crop. As the uncertainty in the cereals markets continue now is the time many are focused on forward cover to eliminate the risk. Especially considering the latest USDA report suggested corn was 2 ½ million short on the expected planting acreage and the majority of the wheat growing area is still in drought.

From a protein perspective the USDA report came in at 91mT soya, a recent record. While this has resulted in a dip in the market this could increase as the focus on US planting and the Argentinian harvest increase. This good news is beginning to flow through to the mid-proteins as well. We are beginning to see crushers looking for interest as the oil price continues to increase and this is opening up opportunities in rape expeller and NovaPro. 

As always, make sure you keep an eye on the market for these opportunities and take advantage where you can to ensure you are beginning to forward cover. If at all possible avoid the spot market at the moment.