The UK rapeseed market remains thinly traded this week as mills only need limited top ups before Christmas, whilst looking for offers for the new year.
Ex farm prices in England remain at around £330 ex, whilst in Scotland, £320 ex to meet vessel should be achievable.
Concerns continue about dryness in Australia which could reduce its canola crop to around 2 million tonnes, similar to last season. The EU normally relies on Australian imports so any doubt over their supply is potentially bullish for January onwards. Imports from Ukraine continue at a pace, but they should start to run out soon leaving GM Canadian supplies to make up any shortfalls. These will remain problematical, as new markets for GM rapemeal and GM glycerine need to be found.
Some new crop plantings remain in doubt, as recent flea beetle losses may reduce the area, resulting in it being similar to this year's harvest's area.
Regards,
Owen
For more information on United Oilseeds' three marketing pools, call us on 01380 729 200 or speak to your local Area Manager
