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Traders View

Date Added: 09/03/2012

Soya beans remain strong

 

 

The USDA report today continued to downgrade the South American soya crop. The Argentinian crop was reduced to 46.5 million tonnes and Brazilian crop to 68.5 million tonnes, both of which were lower than trade guesses of the USDA normal conservative estimations.

 

Old crop oilseed rape prices are now well bid at over £370.00 ex farm for old crop despite crush margins continuing to be poor. In fact some continental crushers are now reducing capacity due to difficulties in finding demand for rapeoil.

 

As regards new crop oilseed rape prices, harvest position seems to be most sought after at £350.00 ex farm plus. Concerns are still evident over potential small crops in Eastern Europe and the Ukraine. However potential large plantings in Canada and Australia may yet  show current prices to be good value.

 

Owen

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