EU oilseed prices stay firm
By FWi staff
ALMOST ideal US weather conditions for most of last week pushed the Chicago soya futures markets lower.
The largest price drops were seen for vegetable oil prices, with palm oil falling to the lowest level in two weeks in response to higher Indian edible oil import duties.
In contrast, EU rapeseed prices remained firm. MATIF rapeseed improved by between 1-1.75, while UK delivered prices were also higher by 1-1.50.
Although a weaker Euro and weaker Pound against the US Dollar provided some price support, short-covering in response to crop concern amid limited ex-farm selling was cited as the main reason behind the market firmness.
Dry weather in Eastern Europe and China has raised concern about this years oilseed crop, as have reports about disease occurrence in France.
Coceral estimates this years EU rapeseed crop at 9.91 million tonnes, compared to 11.44m in 1999. If realised, the 2000 EU rapeseed crop would still be the second highest on record.