Oilseed rape
Oilseed rape is trending higher as matif rapeseed futures and currency both support. February matif has now recovered to 410 euros whilst the £ is weaker at £1=1.095 euros. We are now at contract highs with January rapeseed over £360 ex in most areas of England.
Soyabeans are also recovering at around $11.70 a bushel on the Chicago market heading up towards the psychological recent highs of $12 a bushel. Despite recent rains in South America, many areas are still dry and if la Nina continues into the spring further price rises are possible.
Oats
The oat market is quiet as millers are relaxed on whether to cover further forward requirements. This may in part be due to the lack of a Brexit deal which will potentially put tariffs on oats and oat product exports. In theory, demand should be robust due to the pandemic encouraging workers to home work and improve the consumption of breakfast cereals. Our opinion is that demand should return in January, once more certainty is known on the rules and regulations going forward.
Demand for oats should be a good story going forward meeting environmental and sustainability concerns.
Beans
Some cargoes of feed beans are still being exported and new demand for animal feed consumption is keeping values steady. Prices are supported by a lack of other proteins such as rapemeal and sunflower meal.
Regards,
Owen
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