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Rapeseed prices firm on yields and currency

Date Added: 05/08/2016

By Owen Cligg, Trading Manager, United Oilseeds

This week has seen a continued appreciation in rapeseed prices as the Matif has strengthened and currency weakened.  Both the German and French rapeseed crops continue to be downgraded with some estimates putting both crops at 4.5 million tonnes, which will be a significant reduction on last year’s crop. 

Latest yield averages for England are running at 3.1 tonnes per hectare, which is 20% down on last harvest. Currency fell on the latest Bank of England interest rate reduction and is currently £1 = €1.179

Values for harvest oilseed rape are now £285 to £290 ex farm.

Soyabeans generally continue to be weaker, as benign conditions are non-threatening in the US. However, they are rallying in price on Friday as demand remains robust especially to China.

Our opinion is that prices will continue to rally until demand gets reduced due to the smaller than expected size of the European rapeseed crop.

 

Regards,

 

Owen

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