By FWi staff
FOLLOWING recent climbs on the oilseed rape market, prices have fallen back as the strength of Sterling and lower world prices put pressure on the market.
Chicago soya futures prices fell back to their lowest level in three weeks, taking most other markets lower, noted the Home-Grown Cereals Authority in its weekly MI Report.
But despite this lower sentiment support came in Europe from a weak Euro against the Dollar.
This helped the competitiveness of EU supplies, and Pakistan is said to have bought 50,000 tonnes of EU rapeseed, said the HGCA.
UK rape prices eased 2 over the week to average about 105/t ex-farm.
Delivered prices were also lower with Liverpool at 114.50/t and Erith at 113.50/t for February deliveries.
Values are unlikely to rise much further in the near future due to large world stocks.
Recent figures from Canada do not make good reading, said a spokesman from Glencore Grain.
“Canada has been building stocks to the extent they have now reached the highest on record 5.525 million tonnes from last year.”
Flax seed is also at record highs at 875,000 million tonnes compared to 605,000 in 1999.
“EU production next year will undoubtedly be less – but the burden of world stocks will weigh on the market for some time,” he said.