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Volatile markets not giving any forward direction

Date Added: 20/10/2014

By Owen Cligg, Trading Manager, United Oilseeds

 

Oilseed rape prices have been continuing to trade in a range of £230 to £240 ex farm as matif prices get pulled in both directions depending on the sentiment of the Chicago market. Soya bean prices had recently risen due to harvest delays and demand, however Friday and Monday have seen a selloff as better US weather means the combines can move again. Delivered values to Erith have now dropped to £247.00/tonne meaning £240 is only achievable close to the mill.

Other news centres around dry conditions in Brazil which are delaying soya plantings and wet weather in Australia which following a dry period there could depress canola harvest yields.

Looking forward to harvest 2015, anecdotal evidence suggest UK osr plantings could be 15% down whilst plantings in Europe as a whole could be 5% down. Prices for harvest 2015 calculate at around £240 ex, but this at present is finding few sellers. We fully expect there to be a better opportunity for better values in the future.

Regards,

Owen

 

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