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USDA Not as Bearish as Expected

Date Added: 15/11/2013

By Owen Cligg

Last Friday’s USDA report proved not be as bearish as expected and bigger production figures were partly compensated by increased demand. Matif oilseed rape and Chicago soyabeans have shown a steady improvement this week as most of the previous bearish sentiment now seems to already be in the market. US soyabean harvest is nearly complete whilst Brazilian soyabean plantings continue to progress well.

Ex farm prices of oilseed rape are now supported at £300.00 ex farm for December in most areas south of Yorkshire. Scottish values continue to trade at discount but there is a bit more export activity there which should support values.

Crushers would appear to have little cover for the new year but seem prepared to wait until they can make product sales and so continue to lock in favourable margins as oil and meal customers come to the market. The main threat to European prices would seem to be Australian imports, if these are curtailed by poorer yields due to disease/frost and or Chinese demand we may yet see a further increase in prices.

Regards,

Owen

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