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Crop storage continued from p19
Prices were also buoyed by demand in interest from China and concerns over South American corn and soybean production due to dryness. Talk sug- gests reduced South American output could push additional export demand into the US. Meanwhile, Argentina announced
it was suspending sales of corn for ex- ports until 28 February. Mr Lane said the surprising move was part of efforts by the Buenos Aires government to en- sure ample domestic food supplies.
Downgrade Closer to home, Russian agency Sov- Econ downgraded its estimate for Rus- sia’s 2020/21 wheat exports to 36.3mln t from 40.8mln t previously. The revi- sion was due to an upcoming export tax aimed at stabilising domestic food prices.
Conversely, Ukraine’s trade union has reported government assurances that no additional grain export limits will be imposed for the 2020/21 season. Egypt’s supply minister reports the country has strategic wheat reserves suffi cient for 5.5 months. But Moroc- co has extended its suspension of im-
“
Without tariff s, grain imports and exports can continue freely
port duties on soft wheat until 31 May to ensure regular supply amid low do- mestic output.
Oilseed rape In terms of oilseeds, an interesting start to the new year saw Chicago Board of Trade soybeans making new highs in every session. Prices shot though the $13 target at the end of 2020, to trade over $13.50 in the fi rst few days fol- lowing the Christmas break. Again the market was supported by
dry weather in South America. Matif rapeseed started the year by trading at contract highs and continued to do so for the past four sessions. Canadi- an canola also traded higher for six straight sessions.
UK rapeseed prices hit season
highs. Investors turned attentions from the Brexit deal and focused on escalating Covid 19 cases and renewed lockdowns. Sterling fell back from re- cent highs against the euro, which lent support to UK prices.
Storage grant details expected later this year
Grants of up to £35,000 are expected to be available for crop storage, sorting and processing when Defra’s Farm Investment Fund launches later this year. Announced last autumn, the fund is expected to open for applications in December, with more information ex- pected this spring. It will be made available as the direct payments scheme is phased out over the coming years. The government says it wants to encourage the in- dustry to increase productivity in an environmentally sustainable way – so farmers can be profi table and sus- tainable without needing direct payments. It says the fund will provide grants to farmers, forest-
ers, growers and related contractors so they can invest in equipment, technology, and infrastructure that will improve their profi tability and benefi t the environment. All grants will be part funded by the farmer or land
manager. The new scheme will be based on Countryside Productivity Scheme, with a similar application pro- cess. It will include an Expression of Interest element for higher value investments. The scheme will be competitive, with higher-scor- ing applications more likely to succeed. Guidance will set out how applications will be appraised. The scheme will have two strands – for lower and higher value in- vestments, each with a different application process.
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e 20 MIDLAND FARMER • FEBRUARY 2021
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