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Prices edge back on lower soya & stronger currency

Date Added: 04/11/2016

Trader's View: By Owen Cligg, Trading Manager, United Oilseeds


UK rapeseed prices have fallen this week to a range of £340 to £345 ex farm for England and £345 ex farm for Scotland. Soya prices set back on continuing high yield reports and good harvest progress in the US. Also a stronger pound, due to the recent court ruling on Article 50 of Brexit, has meant UK prices have become overvalued.

Volume of trade remains restricted on lower supply and crush margins are potentially better in the near position. However, most crushers are unable to take advantage due the inability to increase crush rates over existing levels.

Next week will no doubt show continued volatility with a USDA report and the US election both making the headlines.

 

Regards,

 

Owen

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