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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 Middle East.

At these higher prices there are signs of demand rationing and also extra land coming in to production. Growers in both Canada and Australia are aiming to maximize canola plantings this year to take advantage of the higher prices available.

 

Owen

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