By FWi staff
FOLLOWING the recent price increases in the oil seed rape market more farmer selling was reported last week, noted the Home-Grown Cereals Authority.
“But with values easing back towards the end of the week by 25p to £1/tonne the increase in material coming forward is expected to be short lived.”
Prices fell back slightly this week as the Pound increased against the Deutschmark. November delivered oilseed prices fell back to £163.83 this week, while December deliveries December deliveries also fell to £164.66.
The US Department of Agriculture crop report released last week announced a further reduction in the predicted soyabean harvest. The revised production figure now stands at 75.20 million tonnes, down from Octobers 75.37 million.
Estimated US soya exports were increased to 22.9 million tonnes. This together with increased US soyameal exports pushed US soya futures to a near four-month high during the middle of week, noted the HGCA. European meal prices firmed as a consequence by £8-£10/tonne.