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Rapeseed values buoyed by weaker sterling

Date Added: 14/11/2014

 

Rapeseed values in the UK have generally improved this week mainly as a function weaker sterling which is now £1=1.253 euros. Indeed when Matif hit its recent highs £250 ex farm was available in many areas. However as soyabeans and matif have since retreated prices for December are now valued between £245 to £250 ex farm.

Attention is now also beginning to turn to new crop prospects. Oilseed rape plantings in Germany and France are estimated between 5 and 7% down, whilst in the UK the early bird survey is estimating plantings at 4%. Anecdotally, we think this figure will be nearer 10% down as national seed sales are certainly much lower than previous years. We will know more in the forthcoming weeks as we compare our produce of hectares contracts from our regular growers and the change from year to year.

Lower plantings should be supportive to the market, but soyabean if plantings continue to rise this could easily mitigate any positive benefit. A recent factor worth watching though is the strength in corn and wheat markets which may in theory promote a return to a higher corn acreage as the soya/corn ratio becomes a more traditional value.

Regards,

Owen

 

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