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Traders View Prices Retreat

Date Added: 17/06/2011

Oilseed Rape prices have retreated over the last week as a number of bearish factors have impacted on the market


Oilseed Rape prices have retreated over the last week as a number of bearish factors have impacted on the market.

1. Dollar strength has caused commodity prices to fall, although a weaker euro has helped support matif oilseed rape values
2. Improved weather conditions in the US are viewed as supportive to corn and soy bean crop development
3. Crude oil prices have fallen dramatically reducing the appetite for purchases of biodiesel

The latest NFU crop estimate for the UK oilseed rape crop is working on 3.1 tonnes per hectare approximately 9% down on the 5 year average. Our anecdotal  evidence is that yields maybe better than this as rapeseed seems to fared reasonably well despite the drought conditions. However there still remain big concerns over French, German and Polish oilseed rape crops which in our opinion should help support prices in the longer term.

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