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Brent Crude over $100 per barrel
Date Added: 04/02/2011
Commodity markets maintain bullish tone though old crop osr goes on the defensive.
Old crop oilseed rape prices have fallen back recently as a stronger £ versus the euro has reduced prices in £ terms. Most mills now have good cover but likewise there is little unpriced oilseed rape on farm to buy. We expect the market to remain firm as crushings still need to be reduced to account for lower seed availability.
New crop prices however have risen as the Matif has found good recent support. March soy beans have risen to 1440 cents per bushel following strength in wheat and corn. Also crude oil prices have improved in response to tensions in the
At these higher prices there are signs of demand rationing and also extra land coming in to production. Growers in both
Owen