By FWi staff
UK rapeseed prices rose for a second week, climbing £3/tonne to recover in part the dramatic loss experienced three weeks ago.
The price rise was mainly due to weaker Sterling, and to a lesser extent in reaction to the October US Department of Agriculture crop production estimates last week, said the Home-Grown Cereals Authority.
Ex-farm prices rose to about £150-152/t, while Eastern ex-farm rapeseed traded at just under £153/t. However, farmers are still reluctant to sell and trade has remained thin, noted one trader from Gleadell Banks: “The UK is still overvalued compared to Europe and export interest is minimal.”
In contrast to EU rapeoil, Chicago soyaoil prices closed on Friday with contract prices at the highest levels in three weeks. This was due to tight US supplies, said the HGCA, while meal prices continue to suffer from abundant stocks.