AUTUMN 2014
By Appointment to Her Majesty The Queen. Supplier of Quality Seeds Gleadell Agriculture Ltd Lincolnshire
VOL 12, ISSUE 2
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Co-operation in the grain trade
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The demarcation lines between ‘farmer owned/co-operative’ grain storage and the private grain sector are becoming blurred. It has become clear that some UK farmerowned grain storage companies have become more open to the concept of working with businesses in the private sector in order to deliver real benefits to their members, and to connect themselves to end consumers in a direct link.
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MARKET OUTLOOK Gleadell traders provide an insight into all the key commodity markets, examining the main influences and their effect over the next few months.
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This makes good sense. We have never really understood why Grain gain - closer working relationships between the co-operative it should be the case and private grain sectors can deliver marketing benefits. that farmers who who have opted for the central storage option. co-operatively store their grain should It seems as if common sense and good business also seek to market that grain purely through strategy are now increasingly the key requisites for farmer-controlled businesses. all market participants. Marketing centrally stored grain via a marketing Gleadell’s shareholders, two very different co-operative may make participants feel better companies with contrasting backgrounds, have about themselves, but does it deliver access to the found it possible and mutually beneficial to work best markets, the best prices or the best market together over many years. Part of that co-operation information? The answer to these questions is can be seen in their shared ownership in Gleadell, sometimes yes, but perhaps often, no. in which they have both held shares since 1991. Access to particular varieties, or grain outlets, It seems to us to be better to share strengths – or indeed being able to tap into some of the best global market access and expert EU/local market market information available, is something that intelligence to name two important assets – all farmer-owned storage businesses need. rather than to exclude each other from the Such access has, and will, result in more solid benefits that shared expertise and resources relationships being forged, based on a true can bring. partnership approach. It has never made sense that the sort of services being delivered to free-market farmers who store their own grain should not be available to those
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Contents
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Perhaps that is the true benefit of real co-operation. David Sheppard, managing director, Gleadell Agriculture
MANAGING RISK Grain markets have become much more volatile and effective risk management is now vital to protect and maximise returns. Trading director Jonathan Lane explains all.
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FERTILISER IN FOCUS Fertiliser manager Calum Findlay explains the challenge facing European and UK manufacturers and how they are overcoming it. Plus: Why thin trade is squeezing the nitrates market.
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SPOTLIGHT ON SPRING SEEDS New CAP greening rules have sparked renewed interest in spring crops with pulses, spring wheat and spring barley leading the way, says seeds manager Chris Guest.
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VARIETY INNOVATIONS Gleadell is at the forefront of seed development to help farmers access novel breeding material, a commitment underlined by a £1m investment at subsidiary company Dunns.
Gleadell Agriculture Limited
VIEWPOINT
Oilseed rape
rapeseed prices traded as low as £215/t ex farm during harvest, well below the £400/t highs of 2012. Despite this, at the time of writing UK seed is currently overpriced compared with European markets.
Record global oilseeds production during the 2013/14 season has pushed up ending stocks and put oilseed prices under severe pressure.
Looking ahead, we see demand stagnating in Europe and international destinations being serviced by other origins. The market will now turn its attention to South American soybean plantings and the Australian and Canadian canola harvests.
As the South American harvest drew to a close the market turned its attention to US soybeans and EU rapeseed. With weather remaining favourable in Europe a large rapeseed crop has been harvested and, with the US soybean harvest imminent, it appears safe to assume we shall see a potentially record crop over there. Prices have fallen accordingly. In the UK,
Malting barley For the second year running the EU has produced an excellent crop of both winter and spring malting barley, with a big surplus of quality supplies in most countries. The UK is no exception, with spring malting barley again being the crop of the year. Those growers on one of the many pre-harvest contracts, including nonreplacement, are once again reaping the benefits over those just growing in the hope that someone else’s contract will fail. Most growers have surpluses over and above their contracts, which are filling any shorts that appear in the pre-Christmas market. The good news is that the market after New Year is still strong, with additional demand likely to come from outside the EU, due to problems in other countries such as Canada, USA and Argentina. Looking to the 2015 crop we can expect a similar winter malting area, dominated by SY Venture. The spring area will probably increase due to black-grass problems and the three-crop rule. The main varieties are likely to be Concerto and Odyssey for distilling and Propino and Null-Lox for brewing. Top yielding KWS Irina is forecast to be the next big shipping/brewing variety. Stuart Shand, sales director
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Crush margins are adequate in Europe but not high enough to drive prices up. The market is at a stand-off. Given the current market fundamentals, we feel a return to last season’s price levels is unlikely without a major geo-political or weather-related event. Chris Wood, oilseeds trader
Pulses The first samples analysed from the new crop indicate that this is a season of mixed quality for beans. In the southern part of the UK high insect damage could be a problem. This is a direct contrast to northern samples seen to date, where quality in virtually all respects looks good.
in above the magical 15%, the export value needed for Egypt. Drying beans is not easy – please make sure driers are set at low enough temperatures to avoid skin cracking. The pea harvest was completed before any deterioration in the weather and quality has been good, especially Daytona large blues. Yields have been better than average but outlets are difficult to find.
As in previous years, prospects for bean exports to North Africa look promising. Current values reflect a drop in CIF values compared to last year plus there is a potentially bigger crop from all production areas. Yields in general are variable, but so far appear above average. In some areas farmers are reporting yields of 5-7t/ha, 30-40% above normal. One potential concern is excessive moisture content due to overnight mists and low temperatures, which have seen crops coming
Oats
This is not the case with marrowfats, however, as buying interest remains, with good prices being offered. Ian Skinn, pulses trader
A different year and a different challenge for the oats market.
The value of a pre-harvest oat contract has yet again proved its worth. The demand for Mascani is noticeable in the Midlands and the south thanks to its good bushel weight and kernel content.
The extra carry-in from the big 2013 crop and an early harvest caused market congestion in August. The reduction in plantings for harvest 2014 has been negated by above-average yields, which have, for the second year running, given low returns on free-market parcels.
The market needs to grow the right varieties, even though these are not always the top yielders. Global demand for oat products continues to edge forward, but careful marketing needs to be taken in years of oversupply. Robert Leachman, oats trader
MARKET OUTLOOK
Organics We have seen a good start to the 2014 organic harvest with regard to yield and quality. However, prices are disappointing, reflecting a global surplus of grains and a carryover from last season. Movement of feed commodities remains the biggest headache, with consumers mostly covered until Christmas. However, they will be in the market at some point for top-ups and new enquiries. It is good to report that the spread between feed and milling/biscuit/malting commodities has widened as a result of poor quality on imported EU/Third country origin supply. Malting barleys with higher nitrogens are in good demand, due to some very low nitrogen
Milling wheat Milling premiums have started the 2014/15 campaign on the front foot, aided by mixed European quality and lower UK pass rates. Despite UK wheat production reaching a sixyear high, availability of UK Group 1 and 2 milling wheat is only marginally higher than last season. Quality analysis suggests 17% of Group 1s have achieved full specification (13/76/250) compared with last year’s figure of 41%. Wheat proteins are displaying great inconsistencies, with results on average a full 1% lower than in 2013. Good specific weights will help the milling process and initial baking results are positive. However, millers have significant work to do in establishing this season’s grists, to which
samples in spring varieties. Milling oats are predominately good in colour and high in specific weight. Peas and beans have generally done well and stain levels are within specification. While all home-grown produce from this harvest should be taken up, thanks to good support from end users, the UK still lacks sufficient support from major supermarkets and Government. The rest of the world appears to be a lot more proactive. Canada has already invested $8m in research, reflecting rising demand. Spain has the largest dedicated organic area in the whole of Europe, while Italian organic sales are up 17.5% and Sweden’s by 30% in 2014. Let us hope the UK follows in the same vein very soon. Brian Wilburn, organic trader
Feed wheat The fall-out from two successive record global corn and wheat harvests has seen markets slump to multi-year lows. With northern hemisphere wheat now safely in the barn, the near certainty of a record US corn crop will confirm abundant supplies of coarse grains for the 2014/15 season. Although domestic usage of all major grains is set to increase, this will only partially offset the extra production, leaving another substantial build-up in inventories. Further market declines were restricted by global uncertainty over the conflict in Ukraine and an increasingly tighter outlook for global premium quality supplies.
the premium play between 13% and 11.3% will dictate their appetite for low proteins.
The emphasis this season is on quality. Reports of problems from the US, Europe and the Black Sea region will increase the proportion of the crop destined for feed.
Quality wheat exports have made a sluggish start to the season. UK values need to be competitive for European millers but, with little farmer selling, opportunities have been missed to date.
The low quality of French wheat crops has had wider repercussions. French export silos have moved away from the MATIF contract specification, causing confusion as to what the contract is, or stands for.
Demand will also come for 11% milling wheat to North Africa, moving the surplus of low-grade material, but again most pre-Christmas positions have already traded from other European origins.
An aggressive start to this season’s Black Sea export campaign continues to undercut EU values, although there is talk of potential bans if exports exceed critical levels.
Firm premiums will help to protect milling wheat growers from declining feed values. However, with current premiums close to imported levels, the major move has already happened.
In the UK, the sharp rebound in the area drilled to wheat, along with talk of good yields, should produce a crop of around 16-16.5m tonnes, producing an exportable surplus in the region of 3m tonnes.
Growers should be watchful of favoured movement months as the UK domestic market will only stomach so much at once, meaning spot premiums could be volatile. George Eddell, milling wheat trader
Early reports showed good quality, though a large area remained to be cut when wetter weather returned. Overall quality will determine the competitiveness of the UK in the key export markets into North Africa, opened up by the problems in France. Fundamentally, even though the markets are trading at multi-year lows, the bearish sentiment remains. Markets have been given some risk premium by external politics and a continuation or worsening of the conflict may help further. Without this factor it is hard to see where support for the market really exists. David Woodland, trader
GLEADELL AGRICULTURE
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VIEWPOINT
Understanding market risk and maximising profit Grain markets have become much more volatile and effective risk management is now vital to maximise returns. Gleadell trading director Jonathan Lane explains how to set a realistic target price and looks at the tools that can help deliver it. In reality, even the most IT-savvy, best-informed farmer will struggle to keep
wheat, malting barley, human consumption
abreast of the market in a timely enough
pulses or indeed a seed crop it is important that
manner to take advantage of any short-term
the premium risk is managed. Gleadell works
opportunities. Even longer-term openings
closely with key processors so that growers can
can be missed by farmers who are fully
access contracts that allow them to lock into
focussed on the vital task of crop production.
fixed and/or minimum premiums over feed and
UK farmers are undoubtedly among the
take advantage of any upside to these premiums
most efficient producers of arable crops
should the market move higher.
in the world. While this should remain their
Setting defined price targets
focus, maximising grain production must
In these days of large market price swings it has
go hand in hand with a considered risk
become imperative for growers to trade grain in
management policy. So what does such
a way that reduces market exposure and that is
a policy require?
aimed at making a reasonable return.
a very short time. Even relatively recently, the UK
Understanding production costs
We would suggest using a progressive marketing
grain trade was insulated from the harsh reality
Most arable farmers have a detailed
strategy based on a pyramid risk approach (see
of world markets by EU import/export tariffs and
understanding of their costs and the reality of
panel right). Covering costs through a low-risk
quota systems. The London wheat futures market
the business plan they are about to engage in
approach should be the priority. Once costs are
seldom moved more than a few pence a day and
before they go near a field with the seed drill.
covered a risk-based assessment on the balance
the £5 or even £10/t swings we see today were
Generalised costings are available from
of the crop should be put into place, with minimum
almost unheard of.
various recognised publications and are
selling prices being set and re-assessed regularly,
Rapid advances in information technology, better
a good starting point. Actual costs of
depending on appetite for risk.
access to world markets and the increasing activity
production will vary from farm to farm,
of institutional investors in agricultural products
and growers can construct detailed and
have transformed our markets. UK farmers,
farm-specific costings to enable accurate
especially those who sell their own grain, are now
assessment and cropping plans and to set
exposed to the vagaries of world trade. Today, the
selling targets that provide smoothed income
UK’s supply and demand forecasts play only a
streams and match cash flow requirements.
small part in overall price direction.
Grow for your local market -
Farmers now have to be aware of the dynamics
feed or quality?
SUMMARY Today’s grain markets may appear daunting, but there is plenty of help for those who take a considered and methodical approach to their business planning. Once production costs have been assessed and planting decisions made, the structure of the marketing plan can be put in place.
of the US corn market. They have to follow global
Once the cost of production has been
weather forecasts and their likely impact. They also
established, one must ensure the theoretical
need an understanding of geo-politics, as well as an
cropping programme meets demand. There
insight into how investment funds are likely to react
is little point growing a variety of wheat that
to market data. These institutions have the capacity
the local market does not want to buy.
Gleadell works with farmers every day to provide risk management solutions to help them realise long-term, sound returns. These are individually tailored to suit particular circumstances, cropping plans, cash flow demands and local markets. As a package, it represents a sensible approach to the
to move prices significantly and very quickly.
If the decision is made to produce milling
markets we all operate in today.
Gleadell works with farmers every day to provide risk management solutions, says Jonathan Lane. Grain markets have changed dramatically within
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Today’s large market price swings mean growers must trade grain in a way that reduces market exposure while allowing for a reasonable return.
MANAGING RISK
Managing base price risk HIGH RISK Do nothing. Wait and see. Sell in the spot market. This requires frequent and accurate market assessment. Storage. Move the grain from farm un-priced and pay storage to agree a price at some point in the future. Gleadell Advantage. This is theoretical storage. We move the grain at harvest for an agreed rental per day figure and the grain can be marketed at a later date, effectively decoupling the marketing of grain from the necessity for movement.
LOW RISK Gleadell pools. A low-cost, hands-off approach to marketing where Gleadell looks after crop sales for an agreed three-month movement period with location and quality premiums paid on top of the feed base.
High Risk - Big potential return/loss Medium Risk Guard against market insecurity
Low Risk Cover costs and cover expenses
Flat selling. We have access to a full range of domestic consumer home and ports around the UK and can provide competitive market prices for up to two years forward. This allows farmers to lock in attractive prices for forward marketing years.
MEDIUM RISK Minimum price contract. This allows growers to lock into a minimum price for an agreed fee and provides the opportunity to take advantage of any upside movement in the market above a pre-agreed strike price.
Buy-backs. A comprehensive range of contracts for a range of quality crops. This gives secure access to markets at known premiums.
GLEADELL XTRALITE This free-to-use system provides farmers with instant, live data on contract details, sample information, weights and payment schedules. This gives good control and access to percentages sold, detailed contract information and tonnage moved.
Gleadell pool results Farmers who sold grain through a range
Gleadell pool results (£/t)
of Gleadell pools during the past 12 months have received significant premiums over
open-market prices, topping out with an
Pool base
Av ex-farm Pool base base during period
Av ex-farm base during period
Apr–Jun 2014
169.74
151.67
-
-
Jan–Mar 2014
166.27
153.81
145.70
134.24
well ahead of the average open-market price
Oct-Dec 2013
163.50
156.12
144.31
134.02
of £151.67/t during the period.
Harvest 2013
163.00
148.39
144.55
136.25
£18/t premium for feed wheat in the April-June pool. Growers received a base price of £169.74/t ex farm, net of haulage and commission,
FEED WHEAT
FEED BARLEY
After adjustment for premiums the pool paid out an average return of £171.53/t. Returns for feed barley pool members also
Gleadell Apr - June 14 wheat pool result
excelled in a year when feed barley traded at large discounts to feed wheat and where
200
malting premiums were generally depressed
190
by poor quality. The Null-Lox pool did especially well, producing premiums of £21 to £28/t over the strong feed barley base pool price. New crop marketing decisions made to date have also secured solid foundations for all 2014/15 pools, which are significantly ahead of a market struggling to find positive news.
Highest pool price £179.74
180
Gleadell Jan - Mar 14 Wheat Pool Result (£/t)
200
190
180
170
160
150
170
Gleadell wheat pool base price £169.74
Market Price
160
Average pool price £171.53
Pool Base Price
Average Pool Price
150 140 130
140 Oct12
Dec12 Nov 12
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Feb 13 Mar13
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Apr13
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Aug13 Sept 13
July13
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Oct13
Nov13 Nov 13 Dec13
Feb14 Feb 14
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May 14
GLEADELL AGRICULTURE
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VIEWPOINT
FOCUS ON FERTILISER UK AN – high quality fertiliser with a low carbon footprint With UK ammonium nitrate unable to compete with urea on a cost per unit basis, top quality and low environmental impact at an acceptable price are now the key aims, says Gleadell’s fertiliser manager Calum Findlay. Fertiliser manufacture relies on gas, not just as a
Investments in nitrous oxide abatement
source of energy for production but also as a vital
technology at GrowHow UK mean that as well as
feedstock for all nitrogen-based material.
producing some of the finest quality material the
These fertilisers account for over 65% of demand
company is delivering some of the lowest carbon
in Europe, so their reliance on gas creates
footprint fertilisers in Europe onto farms.
several important challenges for European
Although this may not currently command a
manufacturers. Security of supply is a constant
premium, many food producers in Europe are
concern, with around 30% of Europe’s gas coming
turning their attention to carbon production
from Russia.
throughout the production chain. We can expect
Europe is also burdened by higher natural gas
to see more focus on the overall environmental
prices than other fertiliser-producing areas, while
impact from agricultural input use in the not too
strict legislation to reduce emissions puts further
distant future.
There were genuine reasons why buyers delayed
pressure on European manufacturers when trying
Lack of buyers risks AN market squeeze
their purchasing decisions, including cash flow
to compete in a competitive global market.
Turning to the current market, spring nitrogen
Fortunately, those manufacturers remain the
demand across the whole of western Europe
most energy-efficient worldwide and are equipped with advanced technology to help reduce greenhouse gas emissions. The UK market, however, is led by ammonium nitrate (AN) and is committed to move towards a low carbon economy. Competing with urea on a cost per unit basis is increasingly unlikely, so the challenge now is to produce high quality fertilisers at an acceptable price, particularly at a time when grain prices have come under severe pressure.
has been robust. This continued in the grassland sectors later than normal, which created a reasonably tight supply situation on AN going into the new season. Granular urea prices have remained low, attracting a good early uptake in most areas. However, this perhaps encouraged AN buyers to hold back from the market; despite a new season AN price that was £40/t less than the old-season closing value. As a result, uptake has been very slow.
problems, poor grain prices and perhaps an expectation that fertiliser prices would follow downwards. Harvest pressures and unfinished cropping plans also played a part. But, in reality, June AN prices were actually lower than most UK farmers would have paid throughout the whole of last year. AN prices continued to stagnate over the June – September period, trading sideways at best, even though ammonia prices continually climbed. But nitrogen sales and deliveries to farm remained a fraction of normal. Moving into September the AN market faced a severe squeeze, as the lack of farm trade threatened to push the bulk of the season’s trade into an impossibly tight delivery timeframe. This finally spurred some growers into action, but sales are still well behind normal and the threat of a squeeze remains. Domestic AN only covers 40% of UK demand and the amount of imported product is restricted by the COMAH (hazard) licences in UK ports. Once volume buyers do return there is a danger that larger price increases will be seen. Fertiliser is a volatile market, so adopting a risk management strategy and spreading purchases wherever possible remains sound advice. Calum Findlay, fertiliser manager
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GLEADELL UPDATES
SPOTLIGHT ON SPRING SEEDS New CAP rules boost spring cropping uptake Supplies of spring pulse and cereal seeds are tightening as growers review their plans, says Gleadell’s seed manager Chris Guest. With some CAP reform measures still not completely finalised, many decisions have been left up in the air this autumn. However, at least the cropping requirements for the new greening rules have been clarified. We know that growers with 30ha or more of arable land must grow at least three
Spring beans
different crop types. This has resulted in a
interest in pulses, which can be grown under
lot more interest in spring cropping options –
the nitrogen-fixing crop option.
particularly wheat and barley, but also pulses.
Again, spring varieties are proving particularly
The other big change in policy, the introduction
popular as growers with black-grass problems
of Ecological Focus Areas (EFAs) on 5% of
realise the value of spring cropping as part of
arable land, has created a big upswing in
their overall control strategy.
to Fanfare and Boxer, so growers may opt for
Spring wheat
the seed treatment Wakil XL, which will give This season sees the introduction of a new
good early defence against the disease.
Spring wheat seed is in strong demand.
and exciting variety, Vertigo. It shows a
Vertigo seed is currently sold out following
Group 1 variety Mulika has been popular
clear yield increase of 11% over long-term
strong demand after the CAP announcement.
with growers looking for an additional
favourite, Fuego, on the PGRO Recommended
There may be further availability, albeit limited,
milling premium. Other varieties of note
List, and the variety appears to have the
once seed tonnages are known.
include high-yielding feed wheat types KWS
all-important large seed size and pale hilum demanded by human consumption markets. Vertigo has similar downy mildew resistance
The other key variety for spring 2015 will be
Alderon and KWS Kilburn.
Fanfare, which was also recommended in 2013. More seed is available as this is the variety’s second year of commercialisation.
Spring barley Spring barley will be popular, no doubt. Null-Lox
Spring peas
contracts are largely complete, with the new variety Chapeau topping most trials this season. This has backed up its good performances in previous years
Quality is king when growing peas for human
and we predict it will take the largest market share
consumption. Managed correctly, spring peas
of Null-Lox varieties next spring.
have the potential to provide the best returns. The two key markets in the UK are marrowfats and large blue peas. However, marrowfat contracts are now full for spring 2015, limited by seed availability. Kabuki is still performing well, the key being its good colour retention, which is so sought after by the end user. There are still a few opportunities to contract large blue peas. Daytona is an outstanding
KWS Irina, the new spring barley from KWS,
variety in this sector, and its excellent standing
sits equal top of the current Recommended List.
power and all-round good agronomics have
It is a brewing type and looks an exciting prospect,
created strong demand.
particularly for growers in export regions. The
Further ahead, growers should look out for Campus, the new highest-yielding large blue pea with outstanding standing capability. The variety will be commercially available for spring 2016 drilling, although supply will be limited.
variety is short and stiff with good all-round disease resistance. Growers should also keep an eye on RL candidate variety RGT Planet, a potential malter with very high yield from breeder RAGT. GLEADELL AGRICULTURE
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VIEWPOINT
INVESTING IN INNOVATION
Seed – the future of farming Seed developments are an essential part of the combinable crop sector, providing access to new and exciting breeding material across all commodity sectors. This is vital to ensure ongoing security of supply for all manner of end-market products, and Gleadell has been a true innovator in the sector. As well as being deeply involved in mainstream commodities and varieties, the company has also brought novel projects to the forefront of the market. These include UK-grown Canadian red wheat in conjunction with Hovis and, more recently, the series of Null-Lox spring barley varieties grown on contract for Carlsberg and Heineken. End-users such as millers, cereal manufacturers and brewers are increasingly driving varietal selection. They are linking with growers via buyback contracts and forming grower clubs to secure supplies of the produce they need and to help deliver other aims, such as reducing their carbon footprint and other environmental impacts. Examples include companies like Molson Coors and Weetabix, where security of quality supply is of prime importance. As a result, plant breeders
Gleadell’s £1m investment Summer 2014 saw the opening of Dunns new £1m bagged seed store at Long Sutton, Lincolnshire, believed to be the UK’s biggest of its type. The store has an area of 4200m2 and will hold 5000t of bagged product, providing increased flexibility for production and dispatch of seed to Dunns’ seed customers, including Gleadell. Dunns of Long Sutton was established in 1834 and is now 100% owned by Gleadell. It trades as a standalone pulse processing and wholesale seed business. The store reflects the company’s sector-
Photo courtesy of RAGT Seeds
are now looking not only at farming-related factors, including yield and disease resistance, but also processing factors and traits required by the end-user. Interest in seed is now moving beyond the processor to the next steps in the supply chain, the supermarkets and food business and sometimes restaurants themselves. Gleadell works closely with UK and EU seed breeders, assessing the earliest generations of material and onward through the breeding cycle. It can take up to 10 years for a new variety to be commercially available for our farmer customers. Many disease challenges have also been
overcome through the breeding of new material. With so much diverse new material continually being introduced, our team of farm traders is well positioned to help farmers select the best varieties to suit their land, production systems and markets. Gleadell’s ongoing commitment to the seed sector is illustrated by the acquisition of Dunns (Long Sutton) Ltd in 2012 and the creation of Alliance, a strategic group involving seven companies focused primarily on new breeding and crop protection technologies. Such developments will ensure Gleadell continues to offer the best new varieties to our farmer and end-user customers.
leading position. It will enable seed crops to be moved off farm more efficiently, while ensuring treated seed is sent onto farm quickly. It will also allow more storage during the early part of the season to widen the production period as much as possible, reducing the bottleneck that can often occur. The investment in the new store along with a new office facility and computer system, as well as two new seed treatment machines over the past two years, underlines Gleadell’s involvement in the seed sector and the beneficial traits it can deliver. Another key achievement at the Dunns site this season has been the accreditation under the European Seed Treatment Assurance (ESTA) Scheme. ESTA highlights the importance the EU seed sector places on correct seed treatment practices and demonstrates that the sector can
regulate itself, which will help head off further restrictive legislation in the seed sector. It also shows that Dunns has been recognised as treating seed in the safest manner possible, reflecting its industry-leading standards. Chris Guest, seed manager
DISCLAIMER: Prices quoted are indicative only at the time of going to press and subject to location and quality. Gleadell Agriculture cannot accept liability arising from errors or omissions in this publication.
HEAD OFFICE Lindsey House, Hemswell Cliff, Gainsborough, Lincolnshire DN21 5TH
T 01427 421200 F 01427 421230
Gleadell Agriculture Limited
www.gleadell.co.uk