Rapeseed loses 3/t over quiet Christmas

By FWi staff

THE rapeseed market was reported as very quiet over the Christmas period losing £3/t on delivered markets.

January to March contracts are now at £164/t delivered, while April to June contracts are £166/t.

UK rapeseed prices fell on the back of dropping futures values on the Chicago market, but any fall was lessened by weaker Sterling, noted the Home-Grown Cereals Authority.

Crushers margins were reduced again over the holiday period, on the back of lower rapeseed oil and meal values. UK rapeoil values plummeted up to £9/t.

Many market traders have entered the New Year cautiously as they await the effects of the newly implemented Euro.

French MATIF rapeseed is now trading in Euros, said a spokesman from the HGCA. “European traders were therefore reported to be hesitant in their marketing decisions, adjusting to the new common currency,” he said.

The initial Euro rate was set for the UK yesterday (Monday) at 1 Euro=£0.71110. This period lasts for 1-5 January 1999 when it will be reviewed again.

Ideal growing conditions continue to put pressure on US soyabean values and prices fell to their lowest in three months on New Years Eve.