Currencies and grain trading

By FWi staff

OILSEED rape values have remained stable for a second week running on the back of a seed shortage due to the lack of farmer selling.

This is particularly true since farmers appear to be reluctant to sell their remaining stocks at current values, noted the Home-Grown Cereals Authority.

Ex farm spot values have held firm over the week at £120/t while April quotes rose over £2 to about £123/t. Harvest values have inched up slightly at £118/t.

But the fundamentals remain unchanged warn traders. Supply prospects remain good and the chance of prices returning to pre-Christmas values remains unlikely.

Soyabean values have risen in Chicago for the second consecutive week as additional food aid to Russia looks promising. As a results values rose in Europe last week.

But despite this brighter outlook the South American harvest continues to gather momentum. Estimates indicate that about 15% of the Brazilian crop has been harvested, which is slightly behind last years progress, said a spokesman from the HGCA.

“Despite some wet weather conditions in some regions of Argentina and very dry conditions in other areas of Brazil, overall production outlook remains good,” he said.