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USDA report provides bearish surprise

Date Added: 14/08/2015

By Owen Cligg ,Trading Manager, United Oilseeds

Oilseed rape prices fell this week as Wednesday’s USDA report increased potential US soya yields rather than decreasing them, as the trade had expected. The wet US spring and more recent drier weather had given the perception that soya yields were under threat, but the USDA have dismissed this for now, very much putting prices on the defensive. Current ex farm values are now around £240.00 ex farm for harvest, rising to £250.00 ex farm for November.

Although impressive yield data from the UK will likely mean this year’s crop surpasses last harvest’s total, harvest quantities of rapeseed throughout the rest of Europe are still at expected levels. We are therefore assuming significant imports from Ukraine and Australia will be required, which should limit any downside potential in price.

Regards

Owen

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