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Oilseed rape markets firmer

Date Added: 14/02/2014

Oilseed rape prices have improved this week as matif prices have rallied in sympathy with Chicago soybeans. Prices in Sterling are now valued between £295 and £300 ex for old crop depending on area, whilst harvest is valued at £270 ex. Chicago soybeans are showing strength, as although there have been some Chinese cancellations, export pace remains brisk and will need to reduce. Otherwise the US will run out of beans. A dry hot period in Brazil may also be affecting potential production there.

Problems are still occurring in moving canola from Canada, as rail freight and weather are restricting both movement and new sales. The discountsof Winnipeg canola futures to soya and matif oilseed rape is now at unprecedented levels. It is a concern that once the Canadian market does free up, this will put pressure on prices. However, until this happens, we expect prices to be supported as rapemeal and rapeoil prices are still appreciating, allowing crush margins to be maintained.


Regards,

Owen

 

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