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United Oilseeds Trader's View - by Owen Cligg

Date Added: 03/08/2012

UK Rapeseed Harvest Gets a Stuttering Start

Rapeseed harvest had progressed reasonably rapidly in the South until poor weather kept the combines out of the field. As regards the rest of England, only limited amounts have been combined and we await a better weather window in order to get things moving again.

Yields continue to disappoint when compared to last year, ranging between unchanged and down 30%, but an average of 15% down would now seem likely. This would put average yields at 3.3 tonnes/hectare working on a reduction from 3.9 tonnes/hectare for last year. Assuming the latest area figure of 735,000 hectares is correct, this would put UK production at about 2.4 million tonnes.

The combination of lower than anticipated yields and the poor weather conditions has meant there's been more of a market for spot oilseed rape as mill commitments and a big export commitment need to be met. In spite of this, prices have decreased but more so in the forward position as the European debt crisis continues to make the market nervous.

We remain optimistic prices will improve, especially when yield data becomes available in the US for corn and soya showing the disastrous nature of this year's growing conditions.


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