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Markets still holding steady

Date Added: 21/10/2016

By Owen Cligg, Trading Manager, United Oilseeds

UK rapeseed remains thinly traded as offers remain scant. Prices are therefore holding up well at £340 plus ex farm in England and £335 ex in Scotland. Most nearby Scottish boat trade is now destined for Erith in Kent, as the UK cannot afford to see many more rapeseed exports. Crush margins improved earlier in the week as biodiesel producers were forced to make purchases to cover existing mandates. However, this is all based around the spot position and it is difficult to justify forward rapeseed purchases.

On the world stage, the Canadian canola harvest is struggling to finish due to snow, which may impact on final production. Soybean harvest is slightly delayed in places in the US, but yields remain good. There are some concerns in Brazil regarding lack of moisture for planting soybeans, but there is still plenty of time. Also, Argentinian soya tariffs remain high which may encourage more corn and wheat plantings.

Overall prices remain supported, especially as next year’s rape crop looks likely to be down in area, in both the UK and other parts of Europe.

 

Regards,

 

Owen

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