As we look ahead to cropping plans for next season, a discussion that seems to be common across the country is whether to continue with oilseed rape (OSR) in a rotation.
Agronomically and commercially, OSR's value as a break crop has never been in question. However, the increasing challenges around establishment have led some to question its viability.
Wheat futures markets have continued to fall as crop concerns ease and demand remains uncertain. Speculative managed funds trading the US Chicago Board of Trade (CBOT) wheat market were sellers again on Tuesday for the seventeenth time in the last 19 trading days. This has left the December CBOT position at its lowest since 15th March 2024 and just 16 cents away from the lowest point so far this year.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.
Chicago Board of Trade (CBOT) wheat futures continued to fall sharply this week, only pausing mid-week when US markets closed for a public holiday. By end-of-trade on Tuesday, the December 2024 position had fallen to its lowest since 22nd April, marking an 18% fall in value from the recent peak on 28th May.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell.
Global wheat markets continued to fall earlier in the week. US Chicago Board of Trade (CBOT) wheat futures dropped for the ninth consecutive day on Monday, reaching their lowest levels since early May and marking a 14% decline in value since the recent peak at the end of May.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate.
This week, Chicago Board of Trade (CBOT) ended Tuesday 14 cents down, posting its fifth consecutive lower close.
Upbeat US crop condition weighed on the US market, despite a wealth of international trade activity. European markets maintained their value as France proved successful in capturing market share in international trade.
US winter wheat condition improved by one point, increasing to 49% of the area rated 'good/excellent' which is still notably ahead of last year's 36%. 83% is headed which is up on the average 78%. The US wheat harvest is underway with 6% complete, double the pace this time last year and the average.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.
I thought I'd take this opportunity to introduce myself to those who don't know me, I'm Richard Markham and I am a senior technical sales consultant for Frontier's precision farming business, SOYL. I have worked in the team for 19 years and support many farmers across the UK to gain a better understanding of their farms' performance, right down to what's going on in their soils.
Working with growers to better understand their baseline can aid future management decisions that deliver yield, quality and profit margins, but ultimately, measuring and monitoring soil health, nutrient status and overall field performance can support more informed decisions about how best to manage land in the most appropriate ways. This is particularly important during a time where farms are being encouraged more than ever to adopt a range of environmentally focused actions, while still maintaining sustainable food production systems.
French 2024 wheat futures have hit their highest levels since November 2022, driven by further downgrades in Russia's 2024 wheat harvest potential.
While UK and US markets observed a public holiday on Monday, the Paris market surged by nearly 3%. The Russian Grain Union reported frost damage which affected potentially two million hectares. The Institute for Agricultural Market Studies, IKAR, further reduced its Russian wheat production estimate to 81.5 million tonnes, down from 83.5 million tonnes.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell.
Further cuts to Russian 2024 wheat production estimates and concerns for Ukraine output have reignited speculative buying interest, sending futures markets higher and setting new recent highs. Chicago Board of Trade (CBOT) wheat rose to its highest since August 2023 and French wheat futures to their highest since February 2023, whilst London futures struggled to match the pace as sterling continued to appreciate versus the euro.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate.
The impacts of the recent difficult weather conditions have had some devastating effects on many farms across the country. It's no surprise the Sustainable Farming Incentive (SFI) and other public funding opportunities, such as Countryside Stewardship (CS), are at the forefront of many people's minds.
Whilst incorporating an SFI action or a CS option into your rotation can be a great remedy in the face of a challenge, there are a few important things to consider. In this blog, I'll be focusing specifically on the AHL2: Winter bird food on arable and horticultural land action in the SFI and the AB9: Winter bird food option in CS. I'll be covering some tips and recommendations for seedbed preparation, establishment, agronomy plans and methods for destruction on these options.
Last Friday, the United States Department of Agriculture (USDA) published its first grain balance sheet estimates for next season.
World wheat production is seen higher by 10.5 million tonnes on the year to a total of 798.19 million tonnes, but corn will be lower by eight million tonnes to a total of 1.22 billion tonnes. Increases in consumption for both wheat and corn see stocks falling by 4.2 million tonnes and 800,000 tonnes respectively by the end of next season.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.
After a sluggish start to the year, wheat prices experienced a remarkable turnaround in the last days of April, surging to multi-month highs. Speculative funds, which had previously driven prices lower by building record short positions in wheat futures markets, reversed their stance.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by Marketing Assistant, Becca Russell.
Earlier this year, we published a blog about the benefits of growing maize in your 2024 rotation and how the crop can deliver a gross margin equal to a first wheat. We mentioned the positive market opportunities for home-grown maize and the Sustainable Farming Incentive actions that could be incorporated with the crop.
In light of the challenging weather we've faced this winter and early spring, maize could be a great alternative cropping option. Whilst maize can be a very successful crop, it will need looking after just like any cereal crop. In this blog, we'll be highlighting what you can do nutrition-wise to ensure your maize crop receives the boost it needs early on to perform well further down the line.
If you read my recent blog, you'll be fully informed of how to check the nutrition status of your crop. Attention now turns to final nitrogen applications which will need to be as efficient as possible to make up for this seasons low levels of soil nitrogen.
Your crop requires as much support as possible right now and in this blog I'll be guiding you through the techniques you could implement to ensure this.
Last week, speculative fund short covering took UK wheat futures to their highest levels in 2024 so far. Prolonged dryness and temperatures in the high 20s across much of southern Russia and east Ukraine were the primary price drivers.
However, cooler temperatures and rain over the weekend means buyers have taken a step back and sellers are keen to take advantage of these attractive prices – this has taken markets lower again.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate.
There are a number of topics this blog could cover: the weather, inputs, grain prices, environmental options… the list goes on. But, as we make our way through this spring, I think it's worth acknowledging the continuously changing agricultural landscape and some of the routes for navigating it. I think we'd all agree that in our industry it often feels different from one day to the next, with new opportunities and challenges abound all while we're simultaneously trying to digest the latest updates.
In an eventful week for the wheat markets, speculative fund short-covering spurred a sharp ascent, propelling London November 2024 wheat futures past £200/t - their highest level since 10th January. Geopolitical tensions and weather fluctuations initially fuelled the surge, although values retraced mid-week. Escalating missile attacks on the Ukrainian Black Sea port of Odesa by Russia over the weekend, coupled with the US government's proposed $61 billion support for Ukraine's war efforts against Russia, prompted speculative funds to reduce their near-record short positions in global agricultural futures markets.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.
Last week's United States Department of Agriculture (USDA) report brought minimal shifts in the global wheat landscape. While world wheat production saw a slight increase to 787.36 million tonnes and consumption rose marginally to 800.1 million tonnes, end stocks dipped to 258.27 million tonnes. Notably, the adjustments made for India hint at a potentially bullish scenario for world wheat markets.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by marketing assistant, Becca Russell.
Following on from a previous blog about early nutrition strategies, unfortunately due to continued wet weather there has been limited opportunity to complete many field applications. For some, this has been very 'stop/start'. For others, it's been absolutely impossible to get out in the field.
Many of you will be looking for guidance on how to manage the impacts this is having on farm. Let's look at some pointers on how to keep an eye on crop nutrient health as we enter into a period of peak applications and big biomass growth.
The latest weekly crop condition and progress report from the US highlights a positive outlook for production potential. Winter wheat maintained a steady condition, seen 56% 'good/excellent', which is unchanged on the week. However, this is significantly higher than the same period last year when just 27% of the crop was seen looking this well. Kansas is the number one producing state and edged one point higher on the week, to 49% 'good/excellent'.
Spring wheat and corn planting is off to a good start with the US spring wheat area 3% planted, as expected, up from 1% last week and last year, and unchanged from the five year average.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by farm trader, Lucinda Redgate.
The United States Department of Agriculture (USDA) presented a bullish set of data before the Easter weekend and sent futures prices higher.
On 1st March, US wheat stocks were marginally higher than average expectations at 1.087 billion bushels versus 1.044 billion bushels. This was also up on last year which was 0.941 billion bushels.
The surprises for the market didn't come from the stocks though, rather it was the lower-than-expected 2024 US corn and US winter wheat prospective planted areas. Winter wheat is seen down to 34.135 million acres which is at the bottom end of trade guesses - these ranged from 34 million acres to 38.37 million acres and notably the Ag Forum estimated 34.425 million acres.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.
