OILSEED RAPE and soya markets have continued their rollercoaster ride, with US soyabeans dropping by 14% in the month to Thurs, May 27 before bouncing up 9% by Tues, June 1.
Global oil prices fell as China sought to cancel or delay about 1.3m tonnes of high-priced soya cargoes from South America.
A 4.4% weakening of the Dollar against the Pound over the past month exacerbated these drops, and UK rape markets fell to just £150/t delivered at harvest last week (to May 28).
But severe wet weather over the weekend in the US caused soya futures to reach “limit” highs – the most prices are allowed to move in one day – for the first time ever, said Centaur‘s John Thorpe.
UK rapeseed has since risen by £10/t, to £160/t delivered. Crop development across the EU and US would be key to future market movements, he said.