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Traders View 4 May 2012

Date Added: 04/05/2012

Market Encounters Outside Headwinds

Markets took a move to the downside on Friday afternoon after a fall in crude oil prices and stock markets. Soya prices continued their falls from earlier in the week whilst rapeseed prices also fell testing 470.00 euros in the August 2012 position.

 

Old crop oilseed rape prices have seen the most significant falls since the expiry of the May 2012 matif position on 30/04/12. Ex farm values are now circa £370.00/tonne.

 

New crop oilseed rape prices had shown more resilience until Friday, but £360.00 ex farm is now a more realistic value for harvest movement.

 

Fundamentals remain supportive but in the face of the outside action prices could not hold at previous levels. Some commentators are putting the Argentinian soya crop at only 38.5 million tonnes, whilst Brazil may also have to import soya beans later due the fast pace of early exports to China. Also EU biodiesel markets could be supported by the decision of Spain to support domestic biofuel production.

Regards

Owen

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