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Bearish view on rapeseed predominates

Date Added: 30/05/2014

 

Oilseed rape prices remain under pressure with old crop pricing now virtually finished resulting in values of sub £280.00 ex farm. Harvest prices continue to be lacklustre, trading in a range of £255 to £260 ex farm.

Consumers are convinced crops look well enough to result in record EU production, the latest Oil World prediction is at 21.9 million which will be well up on the previous harvest. Low prices are making growers reluctant sellers so it will be interesting to see whether there is enough resilience throughout Europe to withhold sales and store rapeseed instead of bringing it to market at harvest.

Whilst time is running out to see a weather problem that will affect the EU rapeseed harvest, there may be room for optimism for other oil producing crops. Wet, cold weather is delaying canola plantings in Canada and the possibility of El Nino later in the year could reduce canola yields in Australia and palm oil production in South East Asia.

Regards,

Owen

 

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