Weather concerns around the globe driving feed prices up

“The UK wheat spot price also remains strong, with plenty of buyers competing for dwindling old crop supplies, and the weak sterling limiting imports.

“Most energy feeds have been affected, with early summer wheatfeed, for example, about £25/t higher than in January, though still a good option for starch."

She added other options included biscuit meal and sodawheat while soya hulls were the main dry feed option for digestible fibre.

Wheat-gluten moist feed and draff were ’worth considering’ for moist feeds.

Liquid feeds were also featuring strongly, with the high protein distillery syrups and urea-based cane molasses blends offering an alternative.

“Protein prices are definitely higher than farmers have come to expect in recent years,” Ms Bradley added.

“But there is also considerable potential for prices to go even higher, and that risk needs to be taken into account.”

Despite a 2m tonne rise in predicted Brazilian soyabean output to 17m tonnes, the USDA estimate for Argentina is down to 39m tonnes, from a high of 53m tonnes, and the market view was closer to 35-37m tonnes.

Heavy rainfall was now hindering harvest, and a ship collision has put one of Argentina’s main export berths out of action for 12-18 months.

Ms Bradley said: “Soyabean crushing plant fires, striking plant workers and reluctant farmer selling are only adding to the pressure on supply.”