The move this week on sterling from £1= 1.12 euros to £1=1.15 euros has had a negative impact on prices. Spot ex farm prices are still around £320.00 in England and £313.00 in Scotland, but only bid at these levels because of a rise in the Matif. The view on currency seems to be that there is a high chance that Brexit will be delayed the currency will remain strong, however a no deal will likely weaken sterling.
There is also an announcement due next week on the new mechanism for Argentinian biodiesel imports, which may involve quotas or relatively high import duties. Both could have the affect of improving prices, however if the current situation is maintained prices could fall.
New crop prices have eased back to £310.00 ex farm for harvest movement. Crushers seem to be relaxed that large quantities of rapeseed will be available from Ukraine. Some commentators are also expecting higher plantings of canola in Canada, whilst Australian plantings are still in doubt.
Regards,
Owen
