UK rapeseed prices have fallen back this week as the £ has strengthened and Matif prices have fallen.
Sterling is currently 1.187 euros, whilst February Matif has fallen back to 403 euros after peaking at 417 euros. This puts UK prices at around £330.00 ex farm for old crop in England and £320.00 ex farm in Scotland.
Latest calculations up to the end of December show the EU has already imported 3.6 million tonnes of rapeseed mainly from the Ukraine and Canada. Australian imports are now arriving and this has helped put pressure on the market.
We still believe that the market will be tight but perhaps crushers are better covered than expected.
New crop prices have also eased with values dropping back to £310 to £315 ex farm for harvest movement in England. Oilworld’s latest estimate puts 2020 production at 17.7 million tonnes, which is only a small increase on the current season’s estimate of 16.9 to 17.0 million tonnes.
Whilst yields should be up in France and Germany, the area planted remains at historically low levels. The situation in the UK remains particularly worrying as losses to cabbage stem flea beetle continue.
One opportunity that growers should be aware of is spring oilseed rape (which is not grazed by the same beetle that attacks winter rapeseed). With prices offering good value against other spring crops, please contact your local United Oilseeds Area Manager for details on the latest varieties available.
Regards,
Owen
See details of our our Spring Oilseed Rape varieties here
INVITATION: Come to our joint UOM / AHDB OSR agronomy seminar at 1.00pm, Thursday 30th January 2020, at the Marriott Northampton NN4 7HW. Seminar covers latest on CSFB, OSR market, IPM, + RL 2020-21. Click for programme details, speaker schedule and & free attendance by pre-registration
