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Prices still depressed on US soya prospects

Date Added: 26/09/2014

By Owen Cligg, Trading Manager, United Oilseeds

UK rapeseed prices have fallen again as Matif prices have continued to drop and currency continued to rise. The £ is currently valued at 1.28 whilst November has traded in a range of €310 to €318 for November. This puts oilseed rape prices in England at around £230 ex farm whilst Scottish rapeseed is closer to £220 ex farm.

Chicago soybeans continue to trade at contract lows on prospects of good harvest weather and higher than anticipated yields. One reason for concern is that the transport infrastructure may not be able to cope with a large corn and soya harvest. This may yet be supportive to European values if US soya cannot get to market at the required demand.

Whilst protein values have been falling, there is some positive news on appreciating vegetable oil prices. Palm oil and soy oil prices have both risen this week as biodiesel demand remains and palm oil production shows signs of reducing due to drought conditions last spring.

Regards,

Owen

 

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