By FWi staff
SOYA values have soared over the past week on the back of a downward revision in 1999 US soya production by the USDA and drought in Brazil.
The estimated crop from the 1999 harvest has been cut by 30 million bushels, reducing the carryout figure to 365 million bushels, noted Glencore Grain in its weekly report.
This is a massive reduction from the 700 million bushels expected last July.
As a result of this – along with severe droughts in South America – UK soya bean meal prices rose, with hi pro climbing 7 to 149/t. Brazilian 48% pellets and meal climbed 8 to 150/t.
Stocks for the spot market also get low at this time of year, said David Clark of KW Alternative Feeds.
In an otherwise static week home produced rapeseed meal prices lost 2 to 101/t and imported maize gluten pellets and meal fell 2 to 81/t.