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Soybeans firm, but sterling impacts on price

Date Added: 20/05/2016

This week has seen a retreat in UK rapeseed prices as stronger sterling has caused prices to drift. On Thursday, sterling traded over £1= €1.30 as an opinion poll put the "Remains" further ahead than expected. Currently, June rapeseed prices are ranging from £270 to £275 ex farm, whilst new crop is now in the region of £260 to £265 ex farm.

Compared to soybeans, rapeseed is now beginning to look fairly cheap, so we are of the opinion there could be some further upside in the market. Soybeans continue to be well bid on increased South East Asian demand and a lower Argentinian crop. There is also the spectre that an impending la Nina could reduce US soya yields if it becomes hot and dry in August.

 

Regards,

 

Owen

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