Gleadell Viewpoint Spring 2012

By Appointment to her Majesty The Queen.

Supplier of Quality Seeds Gleadell Agriculture Ltd Lincolnshire

SPRING 2012 VOL 10, ISSUE 1 www.gleadell.co.uk

Relatively high prices - here to stay? Contents It was less than two years ago that Gleadell loaded a 50,000 mt ship on Immingham’s Humber International Terminal berth with wheat bound for The Philippines. What may surprise many is that much of that wheat was bought at around £90 per tonne ex farm.

Relatively minor crops such as oats and linseed have to justify their production vs wheat, barley, oilseeds and - on a worldwide basis - maize and soya. Indeed our recent purchase of Dunns, one of the largest UK pulse processors, indicates clearly that pulse prices will also need to be competitive vs other crops to ensure that this valuable market is maintained. We will do all we can to make sure that this happens.

Since then we have seen wheat prices rocket to £200 per tonne and fall back to around £130.

Today’s levels for harvest 2012 have fluctuated between £130 and £150. Of course, currency parities have a large part to play in setting UK prices, and it is certainly true to say that Sterling has weakened vs the Euro and US Dollar in the last two years. It is also true that increased input costs, particularly fertiliser, have impacted on the cost of production during this period.

What can stop this trend from continuing? Of course, we can expect to see volatility - and that may well mean steep price falls and rises as short term supply and demand become unbalanced - and these may be prolonged from time to time.

However, it is also true that markets have reacted positively to the steepening demand curve that all pundits suggest we are now embarked on, which is evident on the graph shown below. Competition for acres across the world’s main producing regions has ensured that forward prices have to be sufficiently high to get the crops planted - and farmers have choices to make that are not just ‘rotation based’, but are also keenly focused on gross margins and profitability.

But, over the medium and long term, if the forecasts for population growth and increasing biofuel demand prove to be correct - and if Europe fails to grasp productivity gains that the rest of the world is adopting - we can surely expect, at the very least, high enough prices to ensure that arable crop production remains profitable as long as risk-managed crop marketing is a key focus for farmers.

Gleadell will be here to help you do that by providing a wide range of crop marketing strategies to enable farmers to benefit from opportunities across all crops, as they occur.

David Sheppard, managing director, Gleadell Agriculture

MARKET PROSPECTS

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Gleadell’s traders discuss market prospects for milling wheat, feed grain, malting barley, oilseed rape, pulses, oats and the organic sector.

A NEW PULSE FORCE IS CREATED

04

Dunns and Gleadell join forces to promote pulses in the UK domestic and export markets.

FOCUS ON SEED

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A review of the latest winter wheat, winter barley and winter oilseed rape varieties.

FOCUS ON FERTILISER

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As Gleadell continue to develop their fertiliser business, an important partnership is the sole distribution agreement in the UK with SKW Piesteritz GmbH.

ANNUAL DEMAND PER PERSON FOR WHEAT, MAIZE AND SOYA 260

GLEADELL AROUND THE COUNTRY

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Our offices and facilities around the country to service our farmer customers, trade customers and end users.

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Feed Grain Record 2011 global wheat production of 694mln t and stock levels of 210mln t have done little to suppress market prices.

Concern over historically low US and global corn/soybean stocks, plus a perceived view of increased imports from China, have supported firmer values.

Major importing regions have increased their activity in order to secure domestic supplies: China buying Australian feed wheat and US corn; South American origin wheat trading into North Africa. European wheat prices have moved higher, supported by a tight stock position in France, although some export trade will be replaced.

The main focus recently has been the weather and its impact onto new crop prospects. Severe winter weather has resulted in major wheat losses in the Black Sea region and, although crop areas will be

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reseeded with corn, production in Ukraine and Kazakhstan is projected considerably lower than this season. As EU crops emerged from dormancy some damage has occurred - and with parts of Spain, France and the eastern UK suffering from drought conditions - further production losses cannot be ruled out.

In the UK, an increase in area to around 2mln ha, should produce a crop of approximately 16mln t. With the projection of higher domestic industrial use (ethanol production) and a fall in animal feed usage, exportable surplus is still estimated to fall 20% from this season to just over 2mln t.

In summary, we are in a weather market – ideal conditions in the US, concerns within the EU. With critical US 2012/13 corn planting having already started earlier than normal, any weather issues that are seen threatening production potential will support buying activity. The world needs a record US corn crop and, if achieved, wheat fundamentals remain bearish.

Pulses Pulse markets have firmed as demand remains strong from the human consumption sector but, as prices firmed for that market, it had the opposite effect on the feed sector with compounders being able to buy other sources of protein cheaper. This is all becoming repetitive as for the past 2-3 years the same scenario has been in play.

From our point of view, we believe that peas and beans will come back into rotation, be it by price or by EU dictate, and there are strong fundamental factors playing their part. Less fortunate parts of the world are always looking for cheap forms of protein and, with supply lines tightened, values are holding strong.

Also, the weather is making crop production more variable, so volatility plays its part.

We see prices remaining firm for the next few years and, providing we do not see a dramatic increase in plantings, pulse crops have a very good future .

David Woodland, trader Ian Skinn, pulses trader

Milling Wheat

general acceptance by these consumers that the cheap old crop quality premiums are both highly unusual and unsustainable for UK farmers.

It has been an unusual end to the old crop milling campaign. The general good quality of the UK wheat crop this year has allowed millers to extract more flour from the grain and, combined with lower consumption of bakery products, has resulted in a fall in the volume of wheat milled in the UK this year, meaning quality wheat premiums have suffered as a result.

In addition to the UK domestic market, we are also seeing potential for some strong export demand for new crop quality wheats from millers in Spain as they become increasingly nervous about domestic production. The general chatter surrounding winterkill in mainland Europe and the Baltic states is keeping Dutch and Belgian millers on the lookout for any reasonably priced cargoes.

Looking forward to new crop, the market is just starting to develop. We have seen reasonable premiums for Groups 1 and 2 wheat trade to millers who have been prepared to buy, and there seems to be a

As always, the milling market will really evolve once we know the quality of the crop and there is a lot of weather to get through between now and next harvest before we have all the information required to

Organics

cautious, demand for home grown supply remains healthy for the final months leading up to new crop.

Despite the overall downturn of organic production, prices have risen, bridging the gap between home grown and imported. Supply from Eastern Europe has dried up due to non-availability of quotas. Overall quality from the 2011 harvest has been good, with most human consumption varieties making the grade. Although consumers continue to be

Due to lack of support from the retail market outlets, the Soil Association have announced a major lobbying exercise to all the national supermarkets. Their aim is to bring back organic produce to the shelf. Success of the organic market depends on retail support in order to provide the consumer with an informed choice and, in particular, highlight

really assess the overall direction of milling premiums.

Gleadell continue to have strong working relationships with all the key UK and continental consumers and, through our shareholders, have access to non-EU destinations such as Algeria and Morocco.

These relationships allow us to offer our milling and biscuit wheat growers access to all the best market outlets for their quality wheat.

Jonathan Lane, trading manager

the real difference between the standards of organically grown versus free range / finest / freedom food products which are basically conventional in disguise.

If the consumer asks for a guarantee that their choice of goods are totally free from conventional use of chemical pesticides, fungicides, fertiliser, antibiotics and growth enhancers - then organic is the only answer.

Tony Kenny, organic trader

MARKET PROSPECTS

Oilseed Rape Rapeseed has proved to be a real success

Malting Barley

higher. However, we believe that the area sown to malting types may be down by 2% due to a lack of seed

story for UK farmers this year and a real

As old crop business draws to a

headache for European crushers. Farmers

close, the market is now focused on

availability.

had a sizeable crop to market and are now

new crop. Maltsters will certainly

getting a second bite at the cherry with

There are a number of exciting

have low carry-in stock and this will

rapeseed prices rallying back to 12 month

new varieties for new crop. SY

predominantly be made up of higher

highs at €478 basis matif futures.

Venture has been in very high

nitrogen, meaning there should be

demand with a yield potential 5%

The downside through this period being that

strong demand for low nitrogen again

higher than Cassata and with similar

currency or EUR/GBP has moved to 0.8300

this coming year.

disease resistance to Pearl - plus the

taking circa £25 per tonne off the value of

The distilling and real ale markets

added benefit of BaYMV resistance.

UK rapeseed. Rapeseed crushers, however,

continue to show good growth, and

have seen their margins disappear - the main

demand from these areas should

reasons being oversupply of crush capacity,

further increase the demand for low

inability to pass on higher rape oil prices and

nitrogen. Overall demand from 2012

poor meal sales. We may see some demand

crop looks positive - and so far buyers

rationing but there is no real market evidence

have taken less cover than normal.

The Null-Lox programme continues

The key news on new crop across

to be a success with some exciting new

at this stage.

Defra have reported a 6% increase in

Europe is the effect of winterkill and

rapeseed plantings for England & Wales, to

drought conditions. There is expected

698K hectares, and Scotland at 35K hectares.

to be a significantly higher spring barley

If we can achieve similar yields to last year we

area planted in the EU as a result.

may be able to produce a crop of 2.85mln t

Latest estimates suggest the French

weather permitting. Europe will once again be

spring area will be 20% higher and

a net importer of rapeseed/canola giving the

Denmark 35% higher. Internationally,

UK an easy outlet for its exportable surplus.

new crop supply is also expected to be

Sadly, no progress has been made in the

substantially higher - Canada’s barley

UK regarding EU sustainability reporting or

area is up 15-20% and Argentina’s

the proposal of ISCC adopting ACCS, Red

50% higher on last season, all adding

Tractor or SQC as an accredited auditor.

downward pressure on malting values.

This unfortunately means farmers will be

Spring seeding has gone well across

requested to fill in a Harvest Declaration form

the UK with good conditions across

for each agricultural merchant they trade

all regions but, as last year, we have a

with. However, if we see the same yields as

drought and we do need timely rains

last year and current high prices, then this will

from now on. The England/Wales

be a small sacrifice for the producers!

winter barley area is forecast 9%

Another is Archer, the second highest performer on the 2012/13 Recommended List with higher yields than both Winsome and Cassata.

varieties in the pipeline - we can offer a wide-range of attractive contracts for growers including a Null-Lox Tracker or pool, Fixed Price contract and Premium Over Wheat Futures contracts.

Stuart Shand, sales director

Willie Wright, oilseed trader

Oats The UK oat market started £70 higher in August 2011 than in the previous August.

This reflected two tight supply years and, apart from wheat admixture problems in 2010 which were not repeated, the quality this season was good and enabled the oat miller to scramble through the season with the help of imports - mainly from Scandinavia.

Autumn 2011 planting figures show England has a 15% increase which, given realistic yields and quality, could put an extra 50,000 tonnes into the milling pot. Spring sowings in England have also increased, but have been tempered by a shortage of seed. The UK in 2012 is expecting to face price competition from Sweden and, in particular, Finland where a significant planting increase should - subject to a safe harvest provide quality oats for EU oat millers.

On the demand side, oat millers in the EU are continuing to increase their raw material

requirements, and it is noticeable that high levels of investment are enabling millers to continue their push for further export business. The Near East and Far East are providing new selling opportunities for muesli and porridge - which is encouraging news for oat growing regions in the supply chain.

Robert Leachman, oats trader

GLEADELL AGRICULTURE

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A NEW PULSE FORCE IS CREATED Working together “This is good news for all involved in the pulse crop,” says Stuart Shand. “Dunns are one of the largest UK pulse processors, are specialists in premium pulse products for the human consumption market, and are a major UK agricultural seed processor. The other half of the new force is Gleadell’s position as the UK’s leading independent grain merchant and a significant supplier of seed and fertiliser to UK farmers.

“Our two companies have traded together for over ten years and, with the support provided by Gleadell’s shareholders Toepfer International and InVivo, Dunns’ expertise in both the pulse and seed sectors will provide good opportunities for growth alongside Gleadell’s international export pulse trading activities and expanding seed business.

“Dunns will be 100% owned by Gleadell, but will trade as a stand alone business working with our merchant and coop suppliers and customers. We will all continue to focus on delivering a first-class service to customers in both the pulse and seed sectors, and to use our international connections to maximise the opportunities Dunns will be presented with in the future.”

Stuart Shand, sales director

About Dunns …

“Dunns of Long Sutton were established in 1834 and we are proud of our long involvement in the pulse crop.

Recent investments at our Long Sutton base are a good example of the way we continue to move forward to take advantage of changing and developing markets in the UK and worldwide,” explains pulse trader, Phil Rix. “Our recent round of investment, and improvements in our seed plant and processing lines, adds up to some £2.5 million - this spend is important to make sure that we can look to the future and build our business with our pulse growers and our customers - who are not only in the UK - but are now throughout the world.”

The expectation of food safety standards by customers is there and Dunns have to meet it. The regulatory part of this expectation are the audits the company undergoes to ensure that standards are met. In essence, Dunns are no longer just an agricultural facility – they are also a food factory, taking in quality pulses and converting them into value-added food products.

Peter Busfield, commercial manager, takes up the story: “For supply of quality pulses, we have a network of growers - and merchants - who produce several thousand hectares of combining peas and beans under contract each year.

“After years of research and exclusive marketing agreements, our growers are now offered the very best varieties in both agronomic and end user requirements to maximise their returns.

“For example, a variety exclusive to the company is the market-leading marrowfat pea, Kabuki.

“A key attraction is that is a very large seeded marrowfat, which retains its colour very well, making it the preferred variety by a wide range of end user customers.”

“We are also always looking at new varieties to widen our choice - for example, Neon and Daytona are of interest to us.

Dunns specialise in supplying human consumption pulse products and have built up a reputation for quality - both domestically and worldwide.

The newly upgraded, purpose-built production

The new equipment installed in recent years in the seed plant and processing lines is not just an investment for today and next year - it is intended to be future-proof to deal with growth in the business and foreseeable changes in food quality requirements from legislators and customers.

Keeping a close eye on quality control.

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A NEW PULSE FORCE IS CREATED

lines involve comprehensive cleaning through highly sophisticated and specialised equipment - including the most up to date colour sorting machines.

The quality control process involves sampling to make sure that everything going into the plant is up to specification through careful pre-cleaning, fine cleaning and gravity separation - also metal detection. After this, the products go through destoning equipment – twice – before the laser sorter, which can differentiate between changes in colour. It is at this stage that removal of stained or discoloured products, vegetable or non-vegetable matter can be carried out.

The processing lines also incorporate equipment used for decorticating (ie skinning) and splitting when required by end users.

Once the product has been processed, the automated packing line allows packing into a variety of bag sizes to suit different markets and end users.

Products supplied by Dunns have wide-ranging uses and many are destined for the human consumption markets all over the world.

These include canning and packeted products for supermarkets, mushy peas for the traditional fish and chip shop trade, split green peas to go into soups and casseroles, and yellow peas for grinding into flours for ethnic recipes. Further afield, dry roasted bar snacks plus sweet pea paste are for confectionery products in the Far East.

The positive attitude to product innovation and finding new markets is summed up by a small triangular pack of spicy, fried peas on the board room table – it is destined for the Japanese snack food market. On the face of it, the elegant Japanese script on the packet looks out of place in rural Lincolnshire – but it is a reflection of the way that Dunns are looking at the world market to provide a positive future for UK pulse growers.

Pulse market review

BEANS Despite record prices for human consumption beans in the UK, we are still seeing interest from buyers in the Middle East. We have a long time - five months – before any new crop becomes available. Within this period we also have Ramadam, a time of peak usage. Although the local market in Egypt will always reflect local supply, the shortage of beans worldwide will help keep prices at high levels.

MARROWFATS Markets continue to remain steady.

We have some interest from buyers in the Far East, but prices are under pressure as New Zealand has good supplies. Going forward, we are seeing major buyers looking to secure supply on long term contracts.

Quality is key in this area with buyers insisting on tighter specifications and more traceability. Dunns continue to recognise this and are working towards British Retail Consortium accreditation.

Dunns have built up a reputation for quality, with products destined for the domestic and worldwide market.

LARGE BLUE/YELLOW PEAS Most buyers seem to have cover on their requirements until new crop.

However, there is concern about the area of Large Blue and Yellow Peas being planted for 2012 harvest. In the last few seasons demand has outstripped supply and the shortfall has been made up by imports from third countries. With this in mind Dunns are still looking for buy back contracts for green peas.

Phil Rix, pulse trader

The production lines involve comprehensive cleaning.

State of the art new seed line.

GLEADELL AGRICULTURE

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FOCUS ON SEED Winter Wheat There have been five new additions to the wheat list – these are Crusoe, Torch, Horatio, KWS Gator and Relay.

Crusoe is a new Group 1 milling wheat which has equal yield to Gallant along with a very good disease resistance package - including a ‘9’ for yellow rust and a ‘7’ for Septoria tritici. Seed availability is very limited this year.

Torch is the highest yielding soft wheat variety on the Recommended List and the earliest of the Group 3 varieties, Torch benefits from stiff straw and excellent resistance to brown rust, with a score of ‘9’, and has Orange Wheat Blossom Midge resistance. Yields are

Winter Barley There are two new winter malting barley varieties added to the list this year – SY Venture from Syngenta and Archer from Limagrain.

SY-Venture is 5% higher yielding than Flagon and Cassata and 8% ahead of Pearl.

consistent across sites and situations, and Torch has solid all round quality. We have seen strong interest in this variety already this season, and this looks set to continue.

Relay is a new Group 4 hard wheat from RAGT and looks extremely exciting as a companion variety for the high yielding variety KWS Santiago. Relay is 3% higher yielding than Duxford and 2% higher yielding than JB Diego in a 2nd wheat situation. Relay has short stiff straw and an excellent disease resistance portfolio – including ‘9’ for yellow rust, a ‘7’ for Fusarium resistance - and it is CTU tolerant.

from KWS with excellent yield – along with the new hard wheat KWS Kielder, which shows further yield improvement over Santiago.

Gleadell have the exclusive on a pre-release of the new Group 4 soft wheat variety Cougar, which looks very exciting. 110% of treated control puts it 1% ahead of Oakley and 113% untreated yield, along with excellent disease and OWBM resistance. The variety is already sold out.

Chris Guest, seed manager

There are some very interesting candidates this year that are worth growers keeping an eye on.

KWS Croft is a new potential Group 3 variety

The variety has an improved disease resistance with a ‘7’ for yellow rust and BaYMV resistance.

Venture is a short and stiff variety with the same maturity as Pearl and Cassata and is currently been evaluated by the IBD. Early comments from the malting industry look extremely positive.

Archer is 6% higher yielding than Pearl – and also benefits from a good disease resistance portfolio including a ‘7’ for Rhynchosporium. This variety is also being evaluated by the IBD. Archer and SY-Venture could quickly replace the existing varieties if they get full malting approval.

Winter Oilseed Rape There are some excellent new varieties available this year along with some more established choices. With such a wide choice, Gleadell recommend that growers start by looking at a spread of maturity scores to spread of harvest and workload, particularly with larger acreages.

Early Maturing varieties – score 6 Avatar is the highest yielding candidate variety for this season.

At 111% treated gross output, it is 19% higher yielding than Castille and has similar maturity to Castille as well as an extremely high oil content.

06

Growers with high Phoma issues should certainly consider the candidate variety DK ExStorm which scores a ‘9’ for Stem Canker resistance, and has been the top variety in French trials.

DK Camelot from Dekalb has Castille-type biomass and maturity, but brings gross output up to the top of the list with yield just 2% behind DK Cabernet - but a huge 12% ahead of Castille.

Troy from the breeder DSV is a new semi-dwarf variety on the candidate list that also looks interesting.

The variety is 2% higher yielding than Excalibur, but has a plant height of only 138cm and scores ‘8’ for both stem stiffness and for lodging resistance.

The ever consistent Excalibur will see demand yet again this year as it continues to perform on farm.

Intermediate maturity varieties – score 5 PR46W21 remains at the top of the E&W region winter oilseed rape Recommended List with

109% treated gross output so it is sure to be a big variety this season.

Compass will remain a favourite on farm this season after another good year last year.

Thorin is the semi-dwarf hybrid variety that has brought this varietal type into the mix. It is near the top of the Recommended List with 104% gross output – only 5% below PR46W21. But it brings the added benefits of the semi-dwarf type - low biomass, ease of harvesting etc. Those looking at conventional varieties shouldn’t forget Vision and Fashion.

Later maturity varieties – score 4 DK Cabernet and Sesame remain near the top of the HGCA recommended list in terms of gross output and will be of interest again this year.

FOCUS ON GLEADELL

FOCUS ON FERTILISER “As we continue to develop our fertiliser business, an important partnership is our sole distribution agreement in the UK with SKW Piesteritz GmbH. In 2010 we launched the first of their innovative products - Piamon 33-S nitrogensulphur fertiliser. We have just launched Piadin - a nitrogen stabiliser for farm slurry and biofuel digesters – and next on the list will be Alzon 46, a granulated stabilised N-fertiliser.”

Calum Findlay, fertiliser manager HIGHER N-EFFICIENCY WITH FERTILISER SPECIALITIES

MARKET PROSPECTS The fertiliser industry continues to become more globalised, and the focus on global issues of partnerships and supply and demand balances, rather than regional ones, are becoming ever more important.

Fertiliser consumption continues to increase. Nitrogen growth is forecast to rise at 2% year until 2015 but, for urea, a higher growth rate is expected as it begins to take market share from other nitrogen products.

Gleadell source urea worldwide but, for the UK business, we have relationships with many of the established Baltic producers/suppliers and are in regular contact with Egyptian producers.

Toepfer, our shareholder, regularly participate in tenders and have guaranteed off-take tonnages. Our strength lies in the constant and open dialogue we have with these producers, backed up by an excellent freight department ensuring we can provide good and timely execution.

The recent run up in urea prices was forecast and welcomed by producers, but the feeling is this does not point in any way to a major and prolonged upward trend. Current demand to the US is expected to decline as the window for product to arrive in time for spring application draws to a close.

A correction in granular urea prices is still likely at some stage as the spread between prilled and granular urea is not sustainable. Although this may now not happen until late Q2, a similar pattern of peaks and troughs has developed over the last 3 years and, once the market does correct, it has been a sure sign to buy.

“SKW Piesteritz GmbH is the biggest ammonia and urea manufacturer in Germany,” explains Dr Klaus Brenner of SKW Piesteritz GmbH. “Top quality products are manufactured here in the most modern facilities. Our aim is not to sell commodities, but rather to create specialised fertiliser products.

“In accordance with this, we are leaders in the field of fertiliser research, with our own agricultural research facility (LAF Cunnersdorf) and research co-operation arrangements with a number of universities (AIP). It was here too that our fertiliser speciality products for higher N-efficiency were developed.”

Piamon 33-S is a nitrogen-sulphur fertiliser with 33% N and 12% S. This optimum ratio of nitrogen and water-soluble sulphate-sulphur ensures excellent efficiency of both nitrogen and sulphur. Both nutrients are provided to the plants exactly as they are needed. On the one hand, for example, the N-efficiency is secured by the optimum conversion of nitrogen in the plant, thanks to sufficient sulphur. On the other, losses of excess sulphur due to leaching are reduced.

Piamon 33-S is also extremely well-suited for quality fertiliser application on wheat as, not only is yield increased, but quality parameters such as raw protein are supported by high-value amino acids.

Our products Piadin and Alzon 46 are stabilised fertiliser systems that bring further advantage.

Ammonium-emphasised nutrition and reduction of N-losses, such as nitrate leaching or climaterelevant nitrogen oxide, enable high N-efficiency to be achieved. As well as this, economy of workload advantages can be attained by the combining of fertiliser administration, such as the avoidance of repeat administration operations or the elimination of work peaks.

Higher yields and savings on operational costs make these fertilisers extremely economical. The application of the fertiliser is also more reliable, because it can be applied at an early stage with higher N-volumes, and the effect is not influenced by subsequent weather conditions. The nitrogen is not leached out, even with high precipitation and, in dry conditions, it is already available to the plants in the root area. The result is higher yields with less work, and protection of the environment.

Piadin is the innovative N-stabiliser for organic fertiliser such as liquid manure. The nitrogen effect of organic fertiliser is substantially improved, and can be calculated like a mineral fertiliser. With Piadin, liquid manure can be applied to grain and oilseed rape at an early stage, and liquid manure administrations can be combined.

This means that the pressure on liquid manure stocks can be eased early on, and the soil structure benefits without the nitrogen being administered specifically. The application of Piadin can be used to particular advantage with the administration of liquid manure on maize.

Because Piadin slows down the conversion of ammonia to nitrogen - and ammonium nitrogen is not subjected to the risk of displacement - the liquid manure nitrogen is available for the main nitrogen absorption of the maize in May in the root area, in the topsoil, at the right time and in the right place.

The improved N-efficiency thanks to Piadin makes for increased yields in the range between 10 and 15%. It comes in a fluid formulation and can therefore be easily mixed into a storage container or liquid manure drum. Depending on the time of administration and the crop concerned, the application volume is 8 to 5 l/ha.

Alzon 46 is a granulated stabilised N-fertiliser with 46% N. As a rule – and except for quality grains and with N-volumes in excess of 150 kg/ ha N - Alzon 46 is administered in an N-fertiliser system. The high concentration of nutrients and the avoidance of repeat administrations provide excellent advantages in terms of work economy, without losing anything in yield and quality.

In summary, our objective is to arrange the application of nitrogen fertilisers more efficiently, with less work and better yield and at the same time helping to safeguard the environment.

GLEADELL AGRICULTURE

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