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08/07/2011 Market recovers

Date Added: 08/07/2011

Since last week oilseed rape prices have recovered as the market still perceives rapeseed will be short within the EU and need to be rationed against the requirements for food and biodiesel.

 

Yields in France are better than expected and the first fields cut in the UK give reason for optimism that EU production may not be as low as first thought. However in the Ukraine there are harvest delays and the spectre of export duties which is making the market perceive potential imports will be later and lower than originally thought. This has helped give rise to better EU harvest prices against the further forwards as traders look to cover nearby positions.

 

We do though expect once harvest begins for the harvest discount to widen as better yields and need for cash and movement begin to take an effect on the market.

 

Regards,

 

Owen

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