By FWi staff
THE straights market has switched from being technically led to weather driven as soya bean meal rises on the back of climatic worries in the US.
Soya bean meal hi pro has risen 4 over the week to 125/t with Brazilian 48% pellets and meal climbing 3 at 119/t.
Weather concerns in the mid-west of America and a heat wave in the east has led to concerns for the crop.
Traders admit they would not buy forward for November to April deliveries at present as the value of soya could ease further.
Soya for the summer looks low and more people are beginning to look at buying, said Charles Delf of KW Alternative Feeds.
But with the uncertainties surrounding the use of genetically modified material a number of producers are looking at options other than soya this year.
Mr Delf agreed that more producers would hold off from buying forward this year as they wait for news on GM ingredients.
Interest has been shown in groundnut as an alternative to soya, he said.
Home produced rapeseed also rose over the week on the back of soya inching 2 to 80/t.
In an otherwise unchanged market maize gluten fell 3 to 84/t for imported pellets and meal. Values have recently run high as technical difficulties resulted in shortages.
But with a major coaster due towards the end of this month prices are likely to ease further, said Mr Delf.