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Market still firm in spite of poor crush margins

Date Added: 18/08/2017

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

UK rapeseed prices remain firm at £305 to £310 ex farm for harvest and £320 ex farm for the autumn. Weak Sterling is supporting prices, whilst Matif oilseed rape is currently rangebound between €365 and €373 for November. The market is currently directionless as, despite production issues in Canada, Australia, Germany and Poland, crush margins are poor going forward and severely curtailing forward buying interest from the major mills.

Soya prices are currently stable at between $9 to $9.50 per bushel on the Chicago Mercantile Exchange (CME) as the market waits to see if USDA's increased production estimate materialises.

Overall,UK rapeseed yields are pleasing, probably now around 3.9 tonnes per hectare on average, but as harvest draws to a close we expect growers to become more reserved sellers which may help the market to rise.

Regards,

Owen

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