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Date Added: 30/03/2012

Bullish USDA report

Oilseed rape prices rose on Friday after the publishing of the March 30TH USDA report. Stocks of corn, wheat and soya came in lower than expected, whilst intended soya acres at 73.9 million acres were lower than expected but corn acres at 95.9 million acres were higher than expected.

 

Concerns are surfacing that South American soya beans are still yet lower than expected, whilst lower intended US soya acres look to extend recent bullish enthusiasm.

 

The dichotomy of the market though is that rapeoil prices are refusing to go up meaning that there is currently little or no crush margin available on old crop oilseed rape. This is likely to reduce crushing and increase stocks at the end of the season. However when rapeoil prices eventually rise in sympathy with soy oil and palm oil we expect crushers to be more aggressive in the market.

 

Regards,

 

Owen

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