UK rapeseed prices are holding steady at around £315 to £320 ex farm depending on location. Yield reports of UK rapeseed still continue to be variable ranging from 1.5 to 4.5 tonnes per hectare but a general average will be between 3 and 3.5 tonnes per hectare.
This should put the UK rapeseed crop at around 2.0 million tonnes which means supply should balance demand and exports and imports should equal each other out. In this scenario rapeseed prices should remain steady, and if anything still look undervalued compared to wheat prices.
Interestingly the USDA report today has estimated US soya yields at over 51 bushels per acre, which is higher than expected and sent the soya market down over 30 cents per bushel.
Rapeseed prices remain resilient, but the worry is that Europe will import cheap US beans to crush at the expense of rapeseed.
Regards,
Owen
