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Traders View 13th April 2012

Date Added: 13/04/2012

Soya prices still firm

 

The price of oilseed rape remains strong, primarily on the back of a bullish soya market.

 

The latest USDA report on Monday reported lower soya crops in Brazil and Argentina and combined with a lower projected ending stock for soya in the US has added to the bullish enthusiasm of the market.

 

Also the latest oilseed rape crop estimate from Oilworld on Wednesday has downgraded the potential EU 2012 harvest crop to 18.5 million tonnes compared to 19.2 million tonnes this year. Oilworld are highlighting problems of poor germination last autumn in Hungary, Romania and Bulgaria whilst frost damage is now impacting crops in Germany, France and Poland.

 

Crushers are reporting poor crush margins for old crop though there are better signs of biodiesel prices for the autumn.

 

Old crop prices remain above £380.00 ex, whilst harvest is valued over £370.00 ex farm.

 

Regards,

 

Owen

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