Rapeseed prices continue to appreciate as the May Matif futures position hit 460 euros this week. Prices are only tempered by stronger sterling, which is currently £1=1.155 euros. Ex farm values in England are now in a range of £390 to £400/tonne and a £10 plus discount in Scotland.
Soya prices are holding up well, as the South American harvest is still slow to get going. Vegetable oil prices are very firm, supported by crude oil prices at over $60 a barrel.
Exports of rapeoil from Europe to China suggest our rapeseed market is still supported in the short term. Some activity is starting on new crop with rapeseed prices at £350 ex farm being a trigger point for some selling in England. Whilst there is still potentially upside, selling a proportion at these levels cannot be a poor decision, as long as yields come in at average or above.
Rapeseed prices should be supported into crop '22 and we have premium contracts available for HOLL and HEAR.
Markets are somewhat uninspiring with export and human consumption failing to feature greatly at present.
Animal feed homes are available but these are getting filled up in the spot positions. New crop beans look good value at over £200/tonne for harvest to start making some sales.
Pricewise oats remain the disappointing crop for the season. We remain frustrated that milling oat values are far less in value than feed barley and feed wheat. Although the UK crop was over 1 million tonnes, there have been some exports and animal feed use remains high. The UK balance sheet may yet turn out to be tighter than expected.
We have limited demand for old crop linseed at season high prices. Also, new crop contracts are available with prompt movement if required.
New crop seed prices are now available for interested growers. We believe this market is gathering good momentum amongst pig producers for the purchase of feed rye, which is very nutritionally attractive. At present, we are able to offer pool contracts but hope to negotiate favourable terms compared to wheat or barley going forward.
For details about our top OSR varieties including Aurelia & Acacia, or information about our Hubbards Seeds products for Countryside Stewardship Schemes, please contact your local United Oilseeds Area Manager