FEED WHEAT

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Southern Ukrainian 2009 spring grain sowing has started early due to favourable weather conditions.

Ukraine grain exports pegged at 15.2mmt so far in 08/09, including 7.8mmt of wheat.

Russian officials are looking at the possibility of exporting 1mmt of wheat to Brazil in exchange for soyproducts.

CWB report 2009 Canadian all-wheat production to fall, however, output is still seen high at 24mmt.

Egypt's GASC purchases 240,000t of Russian wheat for shipment 16 – 31 March.

Snow and rain in China's top producing wheat areas is seen as easing drought condition concerns.

The market continues to be driven by the general lack of domestic buyers, with an unwillingness to extend forward cover. The recent re-emergence of the Black sea as aggressive sellers onto the market, at prices well below EU and US values, has 'swallowed' up any recent international tenders from Egypt and Syria.

As winter wheat starts to break dormancy, the prospects for 2009 still remain favourable.

Concerns have eased in China as main wheat producing areas have received moisture, alleviating drought conditions. The global wheat forecast for 2009 is currently at 650mmt, and although some 30-35mmt lower than this year this would still equate to the second biggest on record. In addition, with wheat usage set to reduce from this year's record high, a crop of this magnitude would mean a further increase in global wheat stocks.

RAPESEED

Soybean prices finished down on the week with bearish influences stemming from the confirmation that the Argentinean farmers aren't on strike.

China are/may cancel purchases from the US and farmers in North America are likely to plant a lot more soybeans in 2009.

In Europe, rapeseed prices have been hit hard with prices down Eur16 on the week. The market continues to come under pressure from concerns over falling demand for seed as crush slows down and building vegetable oil stocks across the continent.

The UK market continues to be directly influenced by the declines in the Matif and whilst our domestic prices have been cushioned from the fall in Euro prices to some extent by the weakening in sterling, the overall trend has been lower and for the time being this looks set to continue.

MALTING BARLEY

France has finished sowing in the South West and progress has been made South of Paris.

In England the drills are finally out on the light land which is encouraging news.

However, a problem facing the grower will be harvest movement due to the carry-over of exceptional quality. Consideration may need to be given to create holding space by selling other crops.

France, Denmark and Germany have sold little new crop malting barley and therefore have yet to join the party which will create further movement pressure.

SEED

With spring on our doorstep, look to Gleadell for all of your spring seed requirements. We can supply spring wheat / spring malting barley (Tipple and Quench) / spring OSR (Ability and Ritz) and spring linseed (with access to a buyback).

Looking ahead into the autumn, we are currently taking orders for Gallant, Scout, Ketchum, Panorama and Grafton winter wheat and Excalibur OSR. For each of these varieties, the tonnage of seed available is not infinite. Buybacks are available with Scout and Gallant, with a deferred payment option accompanying Excalibur OSR for early orders.

Variety Summary:

Gallant: Top yielding group 1, 5% over Solstice. Good disease profile. Highest yielding Group 1 in a 2nd cereal position. Very consistent grain quality. Will be used by all millers. Suitable for early September drillings and as early maturing as Cordiale.

Scout: NABIM group 3. Good yields 1st or 2nd wheat. Exceptional eyespot resistance, very stiff straw, excellent rust resistance, resistant to OWBM, high hagberg and top group 3 specific weight.

Ketchum: High yielding group 2 with an excellent 2nd wheat yield. Extremely robust disease resistance profile.

Panorama: Hard milling wheat with excellent yield and bread making potential. Outstanding resistance to yellow & brown rust. Good lodging resistance. Excellent specific weight and good hagberg falling number.

Grafton: High yielding group 4 hard wheat, excellent disease resistance package, high untreated yields, short stiff straw and excellent grain quality. Early to drill & early to harvest.

FERTLISER

Urea prices have moved up slightly over the past week with Middle East producers sold out and a lack of Chinese urea in the export market.

Supplies of Chinese urea at the “old“ 10% tax are very small and they have confirmed there will be no changes to the export tax regime during quarter one.

Ammonium Nitrate prices remain firm but buying interest is still being hindered in most areas by the condition of land that is still wet and not fit for fertiliser applications just yet.

GrowHow/Yara have released nitrogen terms for March which are the same as prices quoted for February but both producers have limited quantities only.

Imported AN prices are cheaper and Gleadell have Ukraine product for February delivery and Lithuanian product to offer for first half March delivery.

Granular Urea remains very cost effective and through our port agreements, in Avonmouth and Immingham, Gleadell can offer bulk and bagged product.

March will be an extremely busy month as demand for N, NPK, P & K deliveries are forecast to be huge so if you need product on farm order today

Phosphorus is very important in root development and following the very wet winter we have experienced, plant structure will be limited to only lateral growth which means that serious problems could result in April/May if we have a long dry spell.

The application of Phosphate now will encourage a large effective root system essential in the early stages of a plants life, so consider the application of Gleadell 10N + 40 P + 5 SO3 which is a granular compound product and would be ideal used as a first dressing. It is 88% water-soluble and the most competitive source of Phosphate on the market today and truly reflects lower international prices which in most other cases have not found their way through to retail/farm level yet.