UK rapeseed prices remain rangebound, struggling to get to £300 ex farm in England for old crop and around £290 ex farm in Scotland.
UK crushers still have plenty to buy but seem comfortable with the knowledge that there are plenty of stocks still on farm. Most long holders are now looking for support from new crop, which still looks in trouble in many parts of Europe. There seems to be a great deal of variation in development of crops, ranging from very good to very poor.
Our UK area planted figure is still 10% down on 2018 harvest, but we fear the final area maybe up to 15% down, as some existing crops are unlikely to come to harvest.
Trade talks between the US and China are rumbling on which may soon give some support to soya prices. Early indications of a developing El Nino may also cause prices to rise. In addition, wheat prices have stopped falling as a hot, dry summer may become a threat in Russia and Eastern Europe.
Regards,
Owen
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