Rapeseed prices are on an upward trend as weaker sterling and a higher Matif have improved prices. The £ is currently £1=1.115 euros, and Matif prices are getting back over 370 euros for all this crop year's positions.
Yields of rapeseed in Ukraine and France have so far proved disappointing - Ukraine is averaging 2 tonnes/hectare compared to 2.2 tonnes/hectare last year, whilst France seems to be mainly in a range of 2.5 to 3 tonnes per hectare. The French ministry of Agriculture has put out an expected production of 3.6 million tonnes, which is at the low end of expectations. We have to remember that yields could improve as we progress through the harvest.
Isolated parcels of OSR in Essex and Warwickshire have been harvested and we expect more to be harvested next week. Yields are likely to be variable, but the UK production will still be well below internal demand and imports will be required.
Soya markets have improved, though the area planted in the US is open to interpretation as the corn area unable to be planted is still yet to be calculated. This could have led to more soya being planted, but the wet weather may possibly have reduced soya plantings as well.
Regards,
Owen
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