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Spot markets for animal feed have become increasingly volatile within the past fortnight, and NI feed merchants report that several straights used in compound rations have increased significantly in price.
Maize meal is up by £15/t to £20/t since the beginning of June.
This puts the price range for maize meal delivered on-farm at £185/t to £190/t depending on the volume purchased and transport costs.
Soya has also seen a spike in price. Merchants indicate that spot markets have risen by £15/t to £25/t, with prices of £310 to £320/t on-farm. However, the price of soya hulls is up by as much as £30/t, putting the on-farm price around £160/t.
Fuelling the higher prices is the delayed planting of maize and soya in key export regions, such as the USA, where wet weather has persisted throughout spring.
Fluctuations in currency are also having an effect on spot markets.
The positive for local livestock farmers is that barley and wheat prices have been relatively unaffected by problems in the US. Barley is still trading around £185/t on-farm, with wheat costing £200/t.
Compound ration prices remain relatively static, with an 18% dairy ration costing £240/t and beef finishing rations priced around £215/t.
Merchants are limiting the amount of product being forward bought until spot market prices stabilise, and once harvesting gets underway and more accurate indication of yields is available.
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