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Weaker euro supports Matif prices

Date Added: 03/10/2014

By Owen Cligg, Trading Manager, United Oilseeds

Matif rapeseed prices have risen this week reaching circa €325 euros for November 2014. The main reason being a weak euro against the dollar which is now, €1 = $1.25, this represents a significant fall since the spring when €1 approached $1.40.

Meanwhile US soya prices are holding above $9 a bushel despite continuing reports of excellent soya yields. Other news included the latest Statscan report of an estimated canola crop at 14.08 million tonnes compared to the August estimate at 13.9 million tonnes. Some commentators were hoping for a bigger increase as initial yield reports have been better than expected, but there are still concerns over difficult harvest conditions in many parts of Canada.

Prices of rapeseed in England have improved to £235.00 ex in most areas, whilst Scottish seed close to the port is worth £230 ex farm. New purchases of rapeseed are slow to come forward, which may suggest prices have to rise further to encourage farmer selling.

Regards,

Owen

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