Rapeseed markets continue to be volatile, but with both currency and Matif futures appreciating, these are counteracting each another to a certain extent. February Matif as traded at 412.00 euros today, the £ is stronger at £1=1.11 euros. This puts ex farm prices in England at around £360.00 ex farm within a reasonable haul to the crush.
Soyabean futures remain high approaching $12 a bushel and the vegetable oil market is well supported. We believe China is an active buyer of European rapeseed oil which will keep rapeseed prices supported.
New crop rapeseed prices remain at a discount of around £20 to £30 for harvest. Whilst the discount is not as big as wheat, rapeseed will be in greater demand next season as UK and EU import requirements will again be large. Ukrainian rapeseed will be required to be imported to Europe in large quantities but it's possible that, if price relationships stay as they are, some of this rapeseed could be exported to Mexico or Pakistan. The view would be that Europe can little afford to lose business to these countries, as it will only increase import requirements from elsewhere other than Ukraine.
Markets are very slow as we await news of any post Brexit deal. Tarrifs will be damaging for the UK oat markets, as it will affect both the export of both oats and oat products to the EU. Wheat futures related contracts for harvest 2021 are now hard to come by, but we can offer marketing and movement through our pools.
Feed beans are continuing to move for export and animal feed. Human consumption markets remain very quiet. New crop beans can be still priced against wheat futures, and this recently attracted interest from buyers and sellers.
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