Chicago soya slump hits oilseeds

By FWi staff

SHARP price losses on the Chicago soya futures markets last week have led to a drop in the international oil and oilseed market.

Improved weather forecasts – more rain – and advancing US planting progress put pressure on European markets, with MATIF rapeseed losing Euro4.50.

The stronger Euro against the US Dollar for most of the week contributed to the European price slide, while unofficial reports of a Chinese purchase of 100,000 tonnes of EU rapeseed for July and August delivery lent some support.

These factors mean that new-crop UK rapeseed prices remained firm.

  • France has ordered the destruction of the 600ha of rapeseed planted unknowingly from GM seed.

    Swedish growers of GM rapeseed need to obtain permission to destroy the crop by 07 July.

    In the UK, following last weekends developments, the NFU reports that it is working on the legal aspects and seeking an equitable resolution.

  • 1=Euro1.606 at time of writing
  • Chicago soya prices
  • The GM seed fiasco – news roundup

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