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Harvest Progressing Throughout Europe

Date Added: 18/07/2014

By Owen Cligg

Harvest progressing throughout Europe

Harvest of oilseed rape is progressing well throughout Europe. Yields are described as good in Romania and Bulgaria, whilst significantly better than last year in France. Potential is also good also in Germany which is only just starting harvest but most commentators are expecting over 4 tonnes per hectare. The yields in the south of England so far are at best described as average with variable reports of good and bad. In the UK we can still expect an average of 3.5 tonnes per hectare which should give us a total production of 2.4 to 2.5 million tonnes. Within Europe as whole the general consensus is that production could exceed 23 million tonnes. Whilst we will still need some imports from the Ukraine and Australia current price parities indicate there could soon be third country exports.

Prices have still been under pressure falling to £220 ex in some areas for harvest. Whilst these levels remain under the cost of production we do not expect to see a wave of selling soon.

Soya prices have shown recent signs of recovery due to Chinese demand. It may yet take a weather problem in the US to get prices to move significantly upwards.

As regards the longer term we are certainly of the opinion there is more upside than downside at these lower levels.

Regards,

Owen

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