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Rapeseed struggles to trade on firmer currency

Date Added: 02/09/2016

By Owen Cligg, Trading Manager, United Oilseeds

This week UK  rapeseed prices have edged backwards as the £ has firmed versus the euro, currently £1= €1.19.  The September price is ranging from £300 ex farm in Scotland up to £310 ex farm close to the UK crush.

Latest European rapeseed crop estimates continue to be downgraded and it would not be a surprise to see the level drop below 20 million tonnes. This should keep rapeseed prices supported as we become more reliant on Ukrainian, Australian and Canadian imports.  Whilst Canadian imports are always problematical due the GM issue, they may be less as of a threat now as Canada and China have delayed new stricter admixture clauses allowing more exports to China.

Soya prices have continued to come under pressure as the US harvest looms, but soya and rapeseed prices are becoming more disconnected as rape oil prices develop a premium due to its restricted supply.

 

Regards,

 

Owen

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