By FWi staff
UK oilseed rape prices have gained on the back of higher US markets over the week. But despite the rise in values trade remains quiet.
Farmers are either busy harvesting or drilling at present and are not interested in selling, said one trader.
Ex farm spot prices have risen to about £109/t with delivered values to Liverpool at £120.50/t.
October to December deliveries have gained making about £122/t and January to March deliveries are now trading at £125/t.
Trading of European oilseeds has quietened over the week as buying interest subsided, noted the Home Grown Cereals Authority (HGCA) in its weekly MI Oilseeds.
“This was in part due to a weaker US Dollar against the Euro, thus lowering the competitiveness of EU oilseeds and oilseed products on international markets.”
Despite the firmer market producers must remember that Europe saw another bumper harvest this year.
At prices well below last year the export programme has started well. Interest has so far been noted from china, Pakistan and Bangladesh.
But with EU growers reluctant to sell at current values the crushers are reported to have covered themselves with rapeseed from Eastern Europe.