UK rapeseed prices have gradually improved this week as Matif rapeseed prices have risen. February Matif is currently valued at 389.00 euros approaching the recent high, but with currency at £1=1.16 euros, we are still a long way from the recent high in £ sterling value. Ex farm spot prices in England are around £323.00 ex farm and £310.00 ex farm in Scotland.
Rape oil prices have recently improved as rapeseed crushings remain strong and the perception is that rapeseed oil supplies will be in short supply in the new year. The rationale is the rapeseed oil price will need to be high in order to slow down the crushing rates to take account of a shortage of rapeseed.
New crop prospects are still under threat and our latest calculations put the 2020 harvest area at 478,265 hectares. If this comes to pass, the UK will need to potentially import over 500,000 tonnes which should support prices.
United Oilseeds farmers' co-operative reports £1.44 million PBT and announces profits redistribution to its trading members of £402,000. See story here