Rapeseed harvest continues to drag both in the North and for those spring crops which are only just maturing. Yield estimates have improved in Scotland, but remain disappointing in England.
Matif rapeseed prices are improving as soyabeans continue to be well bid. However, stronger sterling at £1=1.117 euros is mitigating any gains in pound terms. Spot oilseed rape in England is trading in excess of £330.00/tonne and £320.00/tonne in Scotland.
A lack of offers is the main feature and with the main crushing plant at Erith still offline until October, the market remains thinly traded. The UK will need to import significant volumes of rapeseed this season, which at present will likely come from the Ukraine and Baltic countries, as sea freight is currently very competitive. If these offers start to dry up it may well make the UK consumer more likely to consider UK offers.
Plantings have gone well so far, which despite a lower area will result in more crops coming to harvest and higher production for harvest 2021. The Matif is currently indicating a £10 discount to current crop values.
Slow harvest progress means little trading at present. Hopefully a break in the weather will allow more beans to be harvested. With soya prices appreciating, compounders may show some interest as there seems to be little demand and limited quantity of human consumption grades.
Quality of those oats harvested so far seems to be surprisingly good. There is good spot demand for milling oats which will no doubt continue if quality starts to deteriorate. United Oilseeds is offering harvest 2021 forward contracts against feed wheat futures for both spring and winter varieties.
United Oilseeds has OSR varieties available for delivery on farm now, including top hybrid variety LG Aurelia. Call us on 01380 729200