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Weaker euro supports matif prices

Date Added: 09/01/2015

By Owen Cligg, Trading Manager, United Oilseeds

This week, oilseed rape prices have risen as a weak euro in dollar terms has supported matif prices.

The euro dollar exchange rate is at $1.18, currently an 8 year low, which makes soya imports more expensive. This is allowing for some third country rapeseed exports. UK rapeseed values are now over £260.00 ex farm, reaching levels not achieved since before harvest. There has been some export interest and United Oilseeds is loading a vessel for Turkey out of Portland in Dorset (see pic). Oilseed crushers continue to complain margins are poor and there has been an increased amount of farm selling which suggests prices may be finding resistance to the upside.

Monday will see the latest USDA report which may move the market in either direction. Demand is likely to be robust but the question will be whether continuing increased supplies create the burdensome supply that causes prices to drop.

Regards,

Owen

 

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