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USDA gives mixed messages

Date Added: 11/09/2015

By Owen Cligg, Trading Manager, United Oilseeds

The USDA report released today increased potential soya yields to 47.1 bushels per acre and decreased corn yields to 167.5 bushels per acre. This compares to the August report at 46.9 and 168.8 bushels per acre respectively.  Soyabean prices traded down, whilst Winnippeg canola remained unchanged and matif rapeseed continued to trade down €2 to €3.

UK prices of rapeseed remain supported as Sterling has fallen to a recent low of £1=€1.36. September ex farm values remain in a range of £245 to £250 ex farm.

We expect the market to quickly disregard this report as more firm yield data is made available from the US. Early corn yields are disappointing, whilst no real data is available on soyabean yields yet. There is some news of better than expected canola yields in Canada, but early season frosts still may reduce yields of unharvested acres.

Regards,

Owen

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