Fengrain unveils above average pool results

East Anglian grain marketing specialist Fengrain has unveiled pool results with above average returns to members across all grades.

The headline price for feed wheat in Fengrain’s Short Pool (Oct/Nov/Dec 2009 collection period) was recorded at £107.05/t.

Members consistently enjoyed good returns despite continuing market volatility, said the farmer-owned company.

“Despite the tough market conditions there are opportunities to be made and our traders have proven this”, said marketing director John Whitelam.

Delays to anticipated bumper harvests of maize and soya in the USA raised speculation as to the perceived damage of these crops.

Coupled with a drought reduced crop of South American soya, this buoyed international prices across the cereal and oilseeds sector.

These factors helped to give temporary relief to a fundamentally bearish scenario following a second successive record global wheat harvest.

“Growing demands from China for these commodities saw prices across the cereal and oilseeds sector rise steadily,” said Mr Whitelam.

“Our traders were able to take advantage of this trend, maximising the returns across all grades marketed for our members.”

Fengrain also maintained its strategy of maximising opportunities to export feed wheat, Mr Whitelam added.

Significant tonnages of bread making wheat were committed to preferred customers, with availability bolstered by good quality and low mycotoxin levels.