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Old crop oilseed rape cracks on matif expiry

Date Added: 25/04/2014

Prices of old crop oilseed rape fell significantly this week as the last old crop matif position for May expires on 30th April. Ex farm prices are now back to £300 to £305 per tonne for May/June movement. Crushers still need old crop but are relieved the lower levels now allow a more favourable crush margin.

New crop prices remain at £270 to £275 ex farm but it is thinly traded as growers hope for better levels. Statscan released provisional planting intentions for Canadian canola which came out below expectations showing a slight decrease on the previous year. This has helped take some of the bearish sentiment out of the market but crushers remain on the sidelines waiting for lower values.

Soya prices have seen a recent sell off as Chinese cancellations of US and South American cargoes have weighed heavily on the market. However prices are recovering again as the US market is sufficiently tight that it needs to encourage imports until well in to the summer. The grains market generally is also supported by weather issues in the US and political tensions in the Ukraine.

Regards,

Owen

 

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