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Weaker sterling holds UK OSR values

Date Added: 10/03/2017

By Owen Cligg, Trading Manager, United Oilseeds

UK rapeseed prices are holding steady at around £350.00 ex farm for old crop and £315.00 ex farm for next harvest in England with a discount applicable for Scotland. The first Australian import of rapeseed for many years has arrived in Liverpool and a second cargo is already on its way. Despite these two cargoes totalling well over 100,000 tonnes of rapeseed, we still think the supply situation looks tight. The main problem is that crush margins do not calculate for May and June so there is little appetite to pay up for rapeseed in those positions at present.

The latest USDA report relating to soya increased US ending stocks and also the Brazilian crop to a record 108 million tonnes. Both were construed as bearish and soya prices fell with matif rapeseed following. UK rapeseed prices are unchanged as weaker sterling supports values.

The AHDB released their December 1st planting survey at 1% down on the previous OSR harvested area, however they do acknowledge it is difficult to get a feel on the abandoned area and the final total could well be lower than this. Our own survey now indicates the area at around 4% down. Given a return to average yields we expect supply to still be restricted next season and significant imports to be required.

Regards,

Owen

Owen Cligg is presenting an OSR market update at the UOM / AHDB OSR Seminar at the Holiday Inn at Crick, Northants NN6 7XR, next Wednesday 15 March 2017 at 1.30pm. Registration is free and if you would like to attend call United Oilseeds on 01380 729 200 or see more details and free booking instructions

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