By FWi staff
DESPITE a rise in oilseed rape values last week, growers are still reluctant to sell, and are storing the harvest in the hope of better prices.
UK oilseed rape prices gained support from increasing US soya values. Continuing hot weather in the USA has lead to quality concerns as the soya crop is now at its critical pod-filling stage.
At one point last week, soya values reached a three-month high before falling back at the end of the week with the forecast of rain.
At home, ex-farm OSR prices climbed to about £101/t over the week, although in some areas values still remain under £100/t.
Delivered values climbed £3 in the same period with harvest values into Liverpool and Erith at £111.5/t and in East Anglia and Hull at £109.5/t.
September values also strengthened with delivered prices ranging between £113.25/t and £115.25/t.
But despite a firmer market this week, the market fundamentals have not changed, warned the Home-Grown Cereals Authority in its weekly Mi Oilseeds report.
Medium-term prospects remain bearish on more than enough oilseed and abundant vegetable oil supplies worldwide, it said.
“This is very likely to keep a lid on any significant price recovery, unless the US crop deteriorates further.”
Although UK farmers are still not selling any real quantity of rape at present, the HGCA expects more material to come forward when the wheat harvest is more complete.
- US soya crop threatened by the heat, FWi, 05 August, 1999
- OSR values depressed with half of crop harvested, FWi, 03 August, 1999