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Markets stunned by Brexit

Date Added: 24/06/2016

By Owen Cligg, Trading Manager, United Oilseeds

Rapeseed trading has taken a bit of a back seat today as markets digest the potential fallout from the EU referendum. Currency markets have fallen significantly which has added to sterling values, but the continual selloff in matif oilseed rape, Chicago soybeans and crude oil prices has lessened the upward rise today. And since futures prices have been falling most of the week, £ rapeseed prices are still some way off recent highs. Harvest rapeseed values are £260.00 ex farm and November around £270.00 ex farm.

Other than the Brexit issue, markets are currently focussing on more rain in the US forecast and an imminent EU rapeseed harvest starting in the Balkans. Rapeseed prices look competitive but in the current climate may take time to return to what we perceive as more correct values when compared against soyabeans.

 

Regards,

 

Owen

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